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Japan economic stimulus seen topping $265 billion, require new debt -Kyodo -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – This illustration photograph was taken June 1, 2017, and shows a Japanyen note. REUTERS/Thomas White/Illustration/File Photo

TOKYO, Reuters – Japan contemplates an economic stimulus package of more than 30 trillion yen (about $265 billion). This plan is intended to ease the COVID-19 pandemic pain and would need issuing new debt.

Kyodo, reporting late Sunday night that some of the spending would come from leftover funds from the budget last year, said Kyodo.

On Monday, a government panel charged with designing a plan for Prime Minister Fumio Kishida’s “new style” of capitalism will release proposals that will form the foundation of the proposed stimulus package.

Kishida promised that he would compile large-scale stimulative packages by month’s end. The government hopes to have it passed by parliament before the year ends. However, Kishida did not give any clues about the size or amount of spending that could be done and how much additional debt might be incurred.

According to the Yomiuri newspaper, last week’s spending on cash payments for households with children was approximately 2 trillion yen. That is 100,000 yen per person.

($1 = 113.3500 yen)

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