Japan Farm Output Seen Down Up to 110 B. Yen under Trade Pact with U.S.
Newsfrom JapanPolitics Economy
Tokyo, Oct. 19 (Jiji Press)--Agricultural production in Japan could fall by 60 billion to 110 billion yen after a recently-signed trade agreement with the United States enters into force, according to the Japanese government's provisional estimates.
The trade deal is seen unleashing a rush of U.S. farm goods into the Japanese market through the reduction or removal of Japanese tariffs on them, and pushing down prices in the market.
Japan's real gross domestic product, meanwhile, will be lifted by 0.8 pct, or about 4.2 trillion yen, on a rise in exports of industrial products, as well as other benefits of the deal, according to the government estimates, released on Friday.
The trade deal is also projected to create about 280,000 jobs in Japan.
Including the impact of the Trans-Pacific Partnership trade pact, which took effect late last year, Japan's agricultural output is projected to drop by 120 billion to 200 billion yen.
[Copyright The Jiji Press, Ltd.]