Wednesday, December 7

Japan extra budget for stimulus package to exceed $198 bln -NHK

Article content

TOKYO — Japan’s upcoming economic stimulus package is expected to entail an extra budget of more than 29 trillion yen ($198 billion), far exceeding a previous estimate, national broadcaster NHK reported on Thursday.

Only a day earlier, Japanese media had reported that the government was set to spend about 25 trillion yen on the stimulus package, aimed at easing the pain from rising energy and other living costs.

Article content

Lawmakers from the ruling Liberal Democratic Party objected to the lower estimate, prompting Prime Minister Fumio Kishida and Finance Minister Shunichi Suzuki to meet on Wednesday evening to review the plan, NHK reported.

The massive spending, which is likely to be finalized on Friday, is expected to be partially funded by additional debt issuance in a move that would increase Japan’s already huge debt pile. ($1 = 146.3200 yen) (Reporting by Mariko Katsumura and Chang-Ran Kim; Editing by Stephen Coates)