Japan to provide US$25b stimulus to support regional economies: media
[TOKYO] Japan will spend over 3 trillion yen (US$25 billion) in a stimulus package aimed at reviving regional economies hit by slumping household spending after a sales tax hike in April, the Asahi newspaper said on Thursday.
Premier Shinzo Abe, given a fresh mandate to end 15 years of deflation after winning Sunday's election, had instructed his ministers in November to formulate steps to support the economy after it slipped into recession in the third quarter.
The package, to be finalised on Dec 27, will mainly consist of payouts to local governments that will be used to subsidise household purchases of fuel and other goods, the paper said.
The government will fund the package with extra tax revenues and money left over from last year's budget, instead of issuing fresh bonds, it said.
The focus on helping regional economies partly reflects Abe's intention of garnering votes in nationwide regional elections in April next year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Trade between Singapore and Asean was at S$295.6 billion in 2023
UK passport control hit by outage causing long waits at airports
Fed’s Kashkari says rates likely on hold for ‘extended period’
China’s Xi lands in Serbia after talking Ukraine, trade in France
Stormy Daniels details alleged sex with Trump at hush money trial
Indian vote body tells X to remove Modi party video targeting Muslims, opposition