Japan Eyes 325-B.-Yen Extra Budget Support for Farmers

Politics Economy

Tokyo, Nov. 28 (Jiji Press)--The Japanese government plans to earmark some 325 billion yen in a fiscal 2019 supplementary budget to chiefly help domestic farmers cope with market liberalization from the Japan-U.S. trade deal as well as the Trans-Pacific Partnership multilateral pact, it was learned Thursday.

The proposed spending amount is larger than the 318.8 billion yen set aside for similar purposes in the previous fiscal year's extra budget.

According to informed sources, the government plans to finance measures designed to cultivate new markets overseas and strengthen production bases of agricultural, forestry and fisheries products.

The Japan-U.S. trade pact, signed last month and expected to enter into force early next year, calls for expanding the U.S. low-tariff quota for Japanese beef exports from 200 tons to 65,000 tons.

Aiming to substantially boost wagyu beef exports to the United States, the government will give cattle farmers financial incentives to boost production of such high-end meat.

[Copyright The Jiji Press, Ltd.]

Jiji Press