Japan Adopts Extra $7b Budget
World Economy

Japan Adopts Extra $7b Budget

The Japanese government is set this week to compile an extra budget worth around 778 billion yen ($7.15 billion) for reconstruction in the areas of southern Japan hit by deadly earthquakes last month, government sources told Reuters on Tuesday. The quakes on the southern island of Kyushu killed about 50 people and damaged at least 5,000 homes. The extra budget for the current fiscal year that began in April will fund the building of temporary housing for the victims, with establishment of a reserve fund of 700 billion yen to support reconstruction, the sources said. No additional bonds will be issued to fund the extra budget, which will be financed through reduced interest payments on government debt due to lower interest costs stemming from the Bank of Japan’s adoption of a negative interest rate policy, they said. Prime Minister Shinzo Abe’s cabinet aims to approve the extra budget on May 13 and have it enacted by parliament as early as May 17, the sources said.


Short URL : http://goo.gl/iucXPR
  1. http://goo.gl/sjhgFc
  • http://goo.gl/jD2yQx
  • http://goo.gl/YiyQEg
  • http://goo.gl/AsPfB4
  • http://goo.gl/KBqJxG

You can also read ...

While China tries to alleviate its demographic crunch, the aging society means a pension shortfall.
Forget that image of sweatshops making all kinds of cheap...
Russia Economic Recovery Underway
Retail sales in Russia picked up in April, while real wages...
In 2017 banks had total mortgage lending of around $352 billion.
High levels of household debt are the greatest risk to Sweden’...
Peru Economy Strengthens
Economic growth in Peru strengthened in the first quarter...
Greece at Crucial Point
Discussions are heating up over future debt repayments for...
Brazil CB Keeps Rates on Hold
Brazil’s central bank considered cutting interest rates last...
Saudi Gov’t Told Not to Boost Spending
The International Monetary Fund urged the Saudi government not...
EU Tells Italy to Cut Debt, Warns of Euro Spillover
Italy’s incoming government should aim to cut its heavy public...