Japan plans US$128b bonds
Source: Agencies |
July 25, 2011, Monday
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Print Edition
Print Edition
JAPAN plans to issue 10 trillion yen (US$128 billion) in reconstruction bonds and cut spending by 3 trillion yen to pay for more projects to rebuild the devastated northeast, the Nikkei Business Daily reported yesterday.
Investors are counting on reconstruction spending to help the world's third-largest economy pull out from a slump caused by a massive earthquake and tsunami in March and to grow moderately in the third quarter.
A government source has told Reuters it was planning additional spending of 13 trillion yen for reconstruction projects, on top of a combined 6 trillion yen already set aside in two extra budgets.
The source had said the government was considering issuing special bonds, scaling back other spending plans and selling national assets. The Ministry of Finance was planning five-year bonds, with the government considering raising taxes to repay them, according to the source.
The Nikkei said about 8-9 trillion yen of the 13 trillion yen would be spent to improve infrastructure, while 3 trillion yen would be for building schools and creating jobs.
The draft blueprints for the government's reconstruction projects will be finalized this month, the paper said.
Investors are counting on reconstruction spending to help the world's third-largest economy pull out from a slump caused by a massive earthquake and tsunami in March and to grow moderately in the third quarter.
A government source has told Reuters it was planning additional spending of 13 trillion yen for reconstruction projects, on top of a combined 6 trillion yen already set aside in two extra budgets.
The source had said the government was considering issuing special bonds, scaling back other spending plans and selling national assets. The Ministry of Finance was planning five-year bonds, with the government considering raising taxes to repay them, according to the source.
The Nikkei said about 8-9 trillion yen of the 13 trillion yen would be spent to improve infrastructure, while 3 trillion yen would be for building schools and creating jobs.
The draft blueprints for the government's reconstruction projects will be finalized this month, the paper said.
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