Prime Minister Shinzo Abe said Wednesday that a new economic stimulus package will exceed ¥28 trillion, with a partial focus on agriculture.
The massive package is partly seen as a bid to contain fallout from Britain’s decision to leave the European Union.
The government is expected to boost spending on infrastructure and ways to step up farm exports, as well as efforts to lure more foreign tourists.
Actual government spending is likely to be less than the declared total, with part of the stimulus coming from the fiscal loan and investment program, which is not based on the general budget. The Cabinet is expected to approve the package next Tuesday.
The government will also compile an extra budget for the fiscal year to finance some of the measures, sources said. It plans to submit the draft budget to an extraordinary Diet session this September.
In a speech in Fukuoka, Abe said the package will be compiled next week, focusing on investment in growth and taking what he called a “significant step” toward a new agricultural policy.
Stressing the importance of promoting global trade, Abe said Japan will press for the early entry into force of the 12-member Trans-Pacific Partnership agreement, which also involves the United States, Australia and Singapore.
The nation’s economic recovery is at risk as a slowdown in demand overseas and the yen’s surge this year are making the nation’s products less attractive overseas. In particular, the earnings of exporters are suffering.
Waning corporate profits may weigh on wage growth and household income, complicating the government’s attempts to revive the economy.
Abe’s announcement of the stimulus plan comes ahead of a Bank of Japan policy meeting that ends Friday. Economists expect further monetary stimulus by the BOJ.
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