Japan Plans to Spend $1.3 Billion on Employment Stimulus

December 10, 2013 Share Print 0

The Health, Labor and Welfare Ministry plans to spend 138 billion yen on employment promotion measures under a supplementary budget to stimulate the Japanese economy, ministry officials said Monday.

The measures include the creation of jobs for women, youths and the aged, wage hikes and improved labor conditions for non-regular employees.

The Cabinet is expected to decide on the extra budget later this week for fiscal 2013 ending next March. The budget, for submission to parliament early next year, is designed to counter adverse economic effects of the planned consumption tax hike next April.

The ministry plans to earmark a total of 881.2 billion yen in the extra budget.

The total also includes 342 billion yen in extra welfare benefits to low-income people and 147 billion yen in benefits to child-raising households to ease the impact of the consumption tax hike.

via Mainichi

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.