Japan unleashes record stimulus package, bucking global tapering trend

Post Reply
User avatar
geemong
Posts: 22
Joined: 24 Sep 2021 11:36

Japan unleashes record stimulus package, bucking global tapering trend

Post by geemong »

Japan unleashes record stimulus package, bucking global tapering trend


Image


Japan unveiled a record US$490 billion spending package on Friday to cushion the economic blow from the COVID-19 pandemic, bucking a global trend towards withdrawing crisis-mode stimulus measures and adding strains to its already tattered finances.

Basketball, tennis, etc., especially betting, ทางเข้าslotxo will have live football to watch every match. You don't have to look elsewhere.

Spending has ballooned due to an array of payouts including those criticised for being unrelated to the pandemic, such as cash handouts to households with youth aged 18 or below, and will likely lead to additional bond issuance this year.

The massive spending would underscore the resolve of Prime Minister Fumio Kishida - once considered a fiscal conservative -to focus on reflating the economy and redistributing wealth to households.

"The reflationary monetary policy and go-big-or-go-home fiscal policy pioneered by (former Premier) Shinzo Abe is now the orthodoxy," said James Brady, an analyst at Teneo.

"Though Kishida has been known in the past for being somewhat hawkish, he appears set to continue the Abenomics paradigm for several more years."

The package, finalised at a cabinet meeting on Friday, included 55.7 trillion yen (US$490 billion) in spending for items ranging from cash payouts to households, subsidies to COVID-hit firms and reserves set aside for emergency pandemic spending.

The size of spending was much bigger than the 30-40 trillion yen estimated by markets, and will be mostly funded by an extra budget of around 32 trillion yen to be compiled this year. The remainder will likely be funded by next year's budget.
Post Reply