Japan Abe’s Cabinet to Approve $130 Billion in Fiscal Steps to Boost Growth

Japanese Prime Minister Shinzo Abe’s cabinet is set to approve on Tuesday 13.5 trillion yen ($132.04 billion) in fiscal steps as part of efforts to revive the flagging economy with cash payouts to low-income earners and infrastructure spending.

The package is expected to include 7.5 trillion yen in spending by the national and local governments, and earmarks 6 trillion yen from the Fiscal Investment and Loan Programme, which is not included in the government’s general budget.

“We compiled today a strong economic package draft aimed at carrying out investment for the future. With this package, we’ll proceed to not just stimulate demand but also achieve sustainable economic growth led by private demand,” Abe told a meeting of cabinet ministers and ruling party executives on Tuesday morning.

Reuters

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