TOKYO (Reuters) – Japan’s consumption is unlikely to be hit as hard from October’s sales tax hike as it was by the previous hike in 2014, a senior official at rating agency Moody’s Investors Service said on Wednesday.

Japan’s credit profile remains quite resilient amid expectations of a global cyclical slowdown over the next year or so, said Christian de Guzman, a senior vice president of sovereign ratings at Moody’s.

Japan’s national sales tax hike to 10% from 8% kicked in on Oct. 1.

It was the first time the levy was hiked since April 2014, when it was raised to 8% from 5%.

(This story refiles to correct day in the first paragraph to Wednesday)

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