【出版时间及名称】：2009年11月全球烟草行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：35
        【目录或简介】：
Sector View & Outlook
Japanese Tobacco Tax Fear Likely to Moderate. News from last week
supports our view that any large tax increases are likely to be phased in over
a number of years. We expect the tax increase to be confirmed in December.
FDA Regulation Impact May be Modest. As discussed in our FDA
analysis this week, in our view the medium term impact of the legislation on
the industry is likely to be modest, with the largest changes in the approach
to harm reduction affecting LT growth by raising hurdles for reduced risk
combustible products favouring smokeless generally and snus in particular.
EU Minimum Tax Increase to