Japan ‘Issues’ New Stimulus Package

In Financials, Politics on April 10, 2009 at 11:51

nikkei-japanJapan has officially unveiled its third stimulus plan in the past year worth of $150 bln, which corresponds to almost 3% of the country’s GDP. Japan’s PM, Taro Aso, said that “we are implementing a resolute policy in the form of economic crisis measures in order to protect the livelihoods of the people”. He also mentioned that “the first of our objectives is to prevent the economy from falling through the floor. Another objective is to give a sense of security to the people”.

The stimulus plan includes “measures to boost fuel-efficient vehicles and consumer electronics. […]It also creates a financial safety net for temporary workers, boost struggling firms and support regional economies”.

Japan has been struggling with its exports as demand for cars and electronic gadgets – Japan’s primary exporting goods – has shrunk over the past year.That’s why the government’s long-term goal is to shift the economy’s dependence from exports to domestic industries to render its economy more resilient to international shocks.

Part of the plan’s measures will be funded by the issuing of new government bonds.

by The Self-Seeker

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