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Japan's prime minister has instructed his ministers to plan for an economic stimulus reportedly worth up to ¥1 trillion (HK$98.3 billion) as an election hovers into view.
Yoshihiko Noda called an extraordinary cabinet meeting and ordered the stimulus, Economy Minister Seiji Maehara said yesterday, adding that the package would not require issuing new deficit-covering bonds.
"[Noda] instructed me to take the lead in compiling the stimulus," Maehara said. "At this point, issuing new Japanese government bonds is not among the conditions for the stimulus."
The minister declined to elaborate on the size of the stimulus package but said it would include measures to take advantage of the strong yen.
The mass-circulation daily Yomiuri Shimbun reported that the size of the package would be up to ¥1 trillion.
The cash was likely to be used for measures to boost energy and environment-related industries as well as agriculture, forestry and fisheries, and for rebuilding regions hit by last year's massive tsunami disaster, it said.
As the stimulus would be financed with discretionary reserves from this year's budget, it would not need parliamentary approval, the paper said.
The influential daily Asahi Shimbun noted the usual route of stimulus through legislation would be difficult in a deeply divided parliament where Noda's party holds a slim majority.
The reports come months after Noda was bounced into promising an early general election in exchange for opposition support on a bill to double the sales tax.
The legislation was an attempt to partially plug the vast debt hole, and was supported by international bodies, the press and most domestic commentators, but was unpopular among the public.
Observers say his factionally divided Democratic Party of Japan is likely to suffer at the hands of voters disappointed by a lacklustre three years in office.


Japanese PM plans huge stimulus package

Japan's Economy Minister Seiji Maehara. Photo: EPA

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