Friday, April 25, 2014   

Tokyo splashes out US$53.8b on infrastructure, incentives
(12-05 18:50)

Tokyo approved a spending package worth almost US$54 billion in a bid to offset a tax increase that comes into effect next year and which critics fear will derail Japan's economic recovery.
The 5.5-trillion-yen (US$53.8 billion) stimulus is loaded with public works spending, including construction projects for the 2020 Tokyo Olympics, rebuilding coastal communities shattered by the 2011 quake and tsunami and updating ageing infrastructure.
The package also includes investment and tax-incentives for business, low-income earner subsidies and assistance for disaster victims.
The spending is expected to impact the world's third-largest economy to the tune of 18.6 trillion yen including private-sector and local government spending.
Finance Minister Taro Aso said the government would draft a new budget next week to account for the stimulus package, which would not require fresh borrowing.
The spending “should continue'' to boost Japan's economy beyond next year, Aso said.—AFP

   
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