---Japan's ruling party has backed a steep food tax cut with funding still unresolved, adding another fiscal weight on the yen. Summary:Japan's ruling party approved a proposal to cut the food consumption tax from 8% to 1% for a two-year period starting next April. The tax cut is not the only fiscal measure under consideration. Combined with the consumption tax cut, this represents a significant near-term fiscal commitment at a time when Japan's public finances are already under scrutiny. That lack of clarity is likely to keep fiscal sustainability concerns in focus, adding to the pressures already weighing on the yen.