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Nod for Japan's funding
Source: Agencies |
November 17, 2010, Wednesday
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Print Edition
Print Edition
JAPANESE lawmakers yesterday approved funding for a new US$61 billion stimulus package, seeking to keep Japan's fragile economic recovery alive.
The lower house of parliament passed an extra budget of 4.4 trillion yen (US$53 billion). Cost cuts and frontloading of public works projects will finance the remainder of Prime Minister Naoto Kan's stimulus plan.
The package includes financial support for small businesses and spending to boost local economies. The government estimates it will help increase the nation's gross domestic product by 0.6 percentage point.
Japan's economy expanded at an annualized pace of 3.9 percent in the third quarter, but all signs indicate a rapid deceleration in the current quarter.
Slowing exports and a persistently strong yen are taking their toll, while deflation is keeping a tight stranglehold on the world's No. 3 economy.
The lower house of parliament passed an extra budget of 4.4 trillion yen (US$53 billion). Cost cuts and frontloading of public works projects will finance the remainder of Prime Minister Naoto Kan's stimulus plan.
The package includes financial support for small businesses and spending to boost local economies. The government estimates it will help increase the nation's gross domestic product by 0.6 percentage point.
Japan's economy expanded at an annualized pace of 3.9 percent in the third quarter, but all signs indicate a rapid deceleration in the current quarter.
Slowing exports and a persistently strong yen are taking their toll, while deflation is keeping a tight stranglehold on the world's No. 3 economy.
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