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Japan: Extra 6 Trillion Yen Eyed for Reconstruction Spending
Source: yomiuri.co.jp
Source Date: Tuesday, January 29, 2013
Country: Japan
Created: Jan 29, 2013

The government will raise the ceiling on spending for reconstruction in areas affected by the March 2011 earthquake and tsunami by 6 trillion yen to 25 trillion yen over the five years from fiscal 2011, it has been learned.

The current cap of 19 trillion yen was decided by the previous government led by the Democratic Party of Japan. As 17 trillion yen has already been disbursed through the fiscal 2012 initial budget, the Liberal Democratic Party-led government saw the need to raise the limit.

At a meeting of the government's task force for promoting disaster reconstruction earlier this month, Prime Minister Shinzo Abe expressed his intention to expand reconstruction outlays. His government is seeking to accelerate efforts to reconstruct the disaster-hit Tohoku region and revitalize Fukushima Prefecture in the wake of the nuclear crisis at Tokyo Electric Power Co.'s Fukushima No. 1 plant.

To finance the increased spending, the government plans to use about 4 trillion yen in proceeds from the sale of shareholdings in Japan Post Holdings Co. and about 2 trillion yen mainly from a surplus under the fiscal 2011 budget, government officials said.

The fiscal 2013 special budget for disaster reconstruction is expected to increase by several hundred billion yen from the 3.8 trillion yen earmarked for fiscal 2012.
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