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Govt. to compile extra budget after election win www3.nhk.or.jp
The Japanese government is set to start compiling a supplementary budget needed to implement new economic stimulus measures.
Prime Minister Shinzo Abe is expected to instruct Finance Minister Taro Aso and Economic Revitalization Minister Nobuteru Ishihara on Tuesday to draw up the economic package.
This comes after his ruling coalition won a majority of the contested seats in Sunday's Upper House election.
The measures will likely include the construction of ports for large cruise ships to welcome more foreign tourists and low-interest financing for the construction of a maglev train line in order to speed up the project.
The government is also considering measures for disaster prevention and mitigation, as well as offering more support for child care and nursing care.
The government will likely also earmark money for small and medium-sized firms amid growing uncertainties sparked by Britain's vote to leave the European Union.
Some members of the ruling parties are calling for a budget of about 98 billion dollars.
But a major problem is how to secure funding for the package.
Tax revenues are not likely to increase due to sluggish corporate earnings amid the strengthening of the yen.
Experts say the government may be forced to issue government bonds before the fiscal year ends in March next year.
Published Date:2016-07-12
