Japan sets extra budget
Source: Agencies |
January 29, 2010, Friday
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Print Edition
Print Edition
JAPAN yesterday approved an extra budget for the fiscal year through March, aiming to boost a fragile economic recovery with 7.2 trillion yen (US$80 billion) of stimulus spending.
The budget, passed by parliament, is the second spending program for fiscal 2009.
The spending package is Prime Minister Yukio Hatoyama's first major policy deal since his Democratic Party came to power after a landslide election victory in August promising more support for workers and families.
The previous government injected 25 trillion yen in stimulus measures.
Hatoyama's package includes measures to bolster employment, extend consumer incentives to buy eco-friendly products and provide support for small and medium-size firms hurt by the strong yen.
The recovery from the downturn remains fragile and at risk of being derailed by high joblessness and several months of falling prices and wages. A strong yen is also hampering exports, a mainstay of the world's No. 2 economy.
Japan in December revised down its economic growth for the third quarter to 1.3 percent.
The budget, passed by parliament, is the second spending program for fiscal 2009.
The spending package is Prime Minister Yukio Hatoyama's first major policy deal since his Democratic Party came to power after a landslide election victory in August promising more support for workers and families.
The previous government injected 25 trillion yen in stimulus measures.
Hatoyama's package includes measures to bolster employment, extend consumer incentives to buy eco-friendly products and provide support for small and medium-size firms hurt by the strong yen.
The recovery from the downturn remains fragile and at risk of being derailed by high joblessness and several months of falling prices and wages. A strong yen is also hampering exports, a mainstay of the world's No. 2 economy.
Japan in December revised down its economic growth for the third quarter to 1.3 percent.
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