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Japanese Gov't to Draft Extra Budget for Several Trillion Yen Fiscal Stimulus
Source: japantoday.com
Source Date: Saturday, September 18, 2010
Country: Japan
Created: Sep 20, 2010

The government will likely draft an extra budge for the current fiscal year through March to finance an additional stimulus package worth several trillion yen, sources close to the matter said Friday.

Prime Minister Naoto Kan, who reshuffled his cabinet earlier in the day, is expected to instruct his ministers to swiftly begin work to that end amid growing signs of an economic slowdown under the impact of the recent sharp rise of the yen against the U.S. dollar and other major currencies.

Kan met with Shizuka Kamei on Friday, informing the head of his junior coalition partner, the People’s New Party, that he will seek swift approval of the supplementary budget by the Diet.

The draft budget for fiscal 2010 will be subject to deliberations during an extraordinary Diet session, expected to convene later this month at the earliest. Kan aims to obtain parliamentary approval within the year, although uncertainty remains as the opposition bloc controls the House of Councillors.

Kan announced the first batch of emergency efforts last week, with outlays of 915 billion yen to boost Japan’s anemic economic recovery by addressing the negative fallout from the recent sharp appreciation of the yen, which is hurting Japanese businesses, especially exporters.

The first stimulus package, funded by the government’s reserve fund under the fiscal 2010 budget, which can be mobilized without Diet approval, focused on creating jobs, and encouraging consumer and business spending with a number of incentive programs.
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