Japan Mulls Over 30 T. Yen in Stimulus Spending

Politics

Tokyo, Nov. 9 (Jiji Press)--The Japanese government and ruling bloc are considering over 30 trillion yen in fiscal spending to implement economic stimulus measures, sources familiar with the matter said Tuesday.

"We're considering economic measures that will be sufficient in both substance and size," Prime Minister Fumio Kishida told his Council on Economic and Fiscal Policy.

The government and ruling camp aim to compile an economic package on Nov. 19 in an effort to recover the Japanese economy from the fallout of the COVID-19 pandemic and back Kishida's push to achieve a virtuous cycle of growth and wealth redistribution.

The package will include the distribution of benefits worth 100,000 yen to people aged 18 years and under and to needy households and royalty points to holders of My Number social security and taxation identification cards.

The economic measures will also include increasing the pay of nurses, caregivers and nursery teachers and expanding tax relief to companies that raise employee wages. A fund will be set up to support the construction of semiconductor plants in Japan.

[Copyright The Jiji Press, Ltd.]

Jiji Press