Economy

Japan gets $198 billion more stimulus package. -NHK by Stocksak

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© Stocksak. FILE PHOTO – Shunichi Suzuki, Japan’s Finance Minister, speaks at the news conference after Japan intervened on the currency market for Japan’s first time since 1998 in order to stabilize the battered yen in Tokyo (Japan), September 22, 2022. REUTERS/Kim Kyung-Hoon

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TOKYO (Stocksak), Japan’s forthcoming economic stimulus package will likely include an additional budget of more than 29 trillion Japanese yen ($198billion), far exceeding any previous estimate, NHK national broadcaster reported on Thursday.

Japanese media reported just a day earlier that the government was to spend approximately 25 trillion Japanese yen on the stimulus program, which is designed to reduce the suffering from rising energy prices and other living costs.

Lawmakers from the ruling Liberal Democratic Party objected at the lower estimate. This prompted Prime Minister Fumio Kishida, and Finance Minister Shunichi Suzuki, to meet Wednesday evening to review it, NHK reported.

The massive spending, expected to be finalised Friday, will be partially funded through additional debt issuance. This would further increase Japan’s already enormous debt pile.

($1 = 146.3200 yen)

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