Related News
Japan adopts new stimulus package to drive economy
Online Edition
THE Japanese government on Saturday approved an emergency economic stimulus package worth about 3.5 trillion yen (about US$29.06 billion) to drive regional economies hit by higher prices due to sales tax hike and the yen's fast retreat.
The stimulus package is aimed at providing subsidies designed to offset rising fuel costs and help local governments carry out necessary measures to invigorate their communities at their discretion, according to local report.
Under the package, US$9.96 billion will be used to support consumers and companies, about US$4.98 billion for revitalization of local communities and some 14.11 billion dollars for disaster prevention and reconstruction, said Japan's Kyodo News.
An extra budget for the fiscal 2014, intended to fund the package, is slated for cabinet approval on Jan. 9 and the government will try to finance the supplementary budget from the fiscal 2013 budget and tax revenue in the current fiscal year.
Along with a delay of the second consumption tax increase to 10 percent by 18 months from October 2015, analysts say the package is likely to prop up domestic demand, according to the report.
It is estimated that the new package will increase Japan's real gross domestic product by about 0.7 percentage points, Kyodo cited the government as reporting.
The Japanese economy, the third largest in the world, slipped into a recession in the wake of the April's 3-percentage-point consumption tax hike to 8 percent that hurt domestic consumption.
At the same time, under the ultra-loose monetary easing, the yen retreated sharply and a weaker yen drives up the import costs and energy prices at home, hurting households and small- and medium-sized enterprises.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
