Japan ready to approve US$182bil package

  • Business
  • Thursday, 05 Dec 2013

TOKYO: Japanese Prime Minister Shinzo Abe is readying a US$182bil economic package this week in his latest bid to pull the economy out of deflation, but the new measures will not require the government to sell more debt.

The package, to be approved by Abe’s government today, will have a headline value of 18.6 trillion yen (US$181.6bil), people familiar with the process said yesterday.

That puts the overall package on a par with Abe’s 20 trillion yen burst of spending early this year as part of his campaign to end 15 years of falling prices and tepid growth. But the bulk of the package included loans from government-backed lenders, spending by local governments and corporations, the sources said.

The headline figure usually announced by the Japanese government on economic measures often includes spending that has already been committed, and tends to far exceed the amount of actual new government spending.

The long-expected core of the package would be spending measures Abe ordered in October to bolster the economy ahead of a national sales tax hike in April, the sources said on condition of anonymity. – Reuters

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