by Isabel Reynolds and Keiko Ujikane
Japanese Prime Minister Shinzo Abe announced plans Wednesday for more than 28 trillion yen ($265 billion) in economic stimulus in an effort to prop up the nation’s economy.
[…] The plan will include 13 trillion yen in “fiscal measures,” he said in excerpts of a speech broadcast by NHK public television. Abe added that the package would be compiled next week, but it was unclear how much of it would be new spending. His speech was given in the city of Fukuoka, 1,000 km (620 miles) southwest of Tokyo and no transcript was immediately made available.
In the days after Abe’s ruling coalition won a big victory in the upper-house election on July 10, he ordered that a stimulus package be compiled as he seeks to again revive the economy. The government is in a difficult position with limited excess funds and will probably need to issue new bonds to pay for a large package of fiscal stimulus.