JAPAN: $53.8 BILLIONSTIMULUS PACKAGELAUNCHED

Japan: $53.8 billionstimulus packagelaunched

Japan approved a spending packageworth almost $54 billion in a bid tooffset a tax hike that comes into effectin 2014 and which critics fear willderail Japan\'s economic recovery. The5.5-trillion-yen ($53.8 billion) stimulus is loaded with public works spending,including construction projects forthe 2020 Tokyo Olympics, rebuilding coastal communities shattered by the2011 quake-tsunami and updating thecountry\'s ageing infrastructure. Manyof Japan\'s roads, bridges and watersystems date back to the 1960s and70s and have seen few upgrades since.The package also includes investment and tax-incentives for business, lowincomeearner subsidies and assistancefor disaster victims. The spending isexpected to impact the world\'s thirdlargesteconomy to the tune of 18.6trillion yen including private-sector andlocal government spending.

 




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