Japan OKs extra funds in budget
Source: Agencies |
January 16, 2013, Wednesday
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Print Edition
Print Edition
JAPAN'S Cabinet yesterday approved a 13.1 trillion yen (US$147 billion) supplementary budget plan through March.
Chief Cabinet Secretary Yoshihide Suga said the plan, endorsed as part of the government's economic stimulus package, includes 210 billion yen for a military equipment upgrade.
Japanese Prime Minister Shinzo Abe on Friday unveiled a 20 trillion yen package of public works and other projects aimed at supporting Japan's struggling economy and manufacturers.
Critics say the stimulus would aggravate Japan's massive public debt while fueling wasteful spending on unneeded construction projects.
"Our top priority is to get ourselves out of deflation and a high yen," Suga said after the special Cabinet meeting.
The bill still requires parliamentary approval to fund part of the package. The government later this month will also compile a budget bill for fiscal 2013, which begins in April.
Japan fell back into recession last fall due to weakening investment and demand in Europe and China. Sales of Japanese products in China have been hammered amid a territorial dispute between Asia's two biggest economies.
The Defense Ministry's request for the supplementary budget includes 60 billion yen to upgrade and purchase a missile defense system to "cope with a changing security environment," the ministry said in a statement.
The ministry is seeking about 43 billion yen to upgrade or modernize transport and monitoring aircraft for use in disaster relief efforts.
Chief Cabinet Secretary Yoshihide Suga said the plan, endorsed as part of the government's economic stimulus package, includes 210 billion yen for a military equipment upgrade.
Japanese Prime Minister Shinzo Abe on Friday unveiled a 20 trillion yen package of public works and other projects aimed at supporting Japan's struggling economy and manufacturers.
Critics say the stimulus would aggravate Japan's massive public debt while fueling wasteful spending on unneeded construction projects.
"Our top priority is to get ourselves out of deflation and a high yen," Suga said after the special Cabinet meeting.
The bill still requires parliamentary approval to fund part of the package. The government later this month will also compile a budget bill for fiscal 2013, which begins in April.
Japan fell back into recession last fall due to weakening investment and demand in Europe and China. Sales of Japanese products in China have been hammered amid a territorial dispute between Asia's two biggest economies.
The Defense Ministry's request for the supplementary budget includes 60 billion yen to upgrade and purchase a missile defense system to "cope with a changing security environment," the ministry said in a statement.
The ministry is seeking about 43 billion yen to upgrade or modernize transport and monitoring aircraft for use in disaster relief efforts.
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