Japan mulls 29-billion-dollar stimulus to revive economy
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Tokyo (dpa) - Japanese Prime Minister Shinzo Abe's government is considering a new economic stimulus package worth 3.5 trillion yen (29.2 billion dollars), local media reported Thursday, in one of his first policy moves since being re appointed as premie
The package is expected to earmark one trillion yen for the recovery of the disaster-struck regions of north-eastern Japan, which were devastated the earthquake and tsunami in March 2011, Jiji Press reported, without citing any sources.
The government is also likely to allocate 250 billion yen to livelihood support and measures to bolster consumer spending, while 170 billion yen is to be earmarked for measures to counter a declining birth rate, the report said.
Abe, who was sworn in as premier on Wednesday for a third term, said he will "give the highest priority to the economy" after Japan fell into recession.
The economy shrank at an annualised pace of 1.9 per cent in the July-to-September quarter and 6.7 per cent in the April-to-June quarter.
Abe's cabinet was reportedly to green-light the stimulus package on Friday, nearly two weeks after his conservative Liberal Democratic Party won a resounding victory in parliamentary elections.
