PANews reported on November 21 that the Japanese cabinet approved a 21.3 trillion yen (approximately US$135.4 billion) economic stimulus package on Friday, the first major policy initiative since the new government took office. The package includes 17.7 trillion yen in general spending, far exceeding last year's 13.9 trillion yen, making it Japan's largest fiscal stimulus since the COVID-19 pandemic. In addition, the plan includes 2.7 trillion yen in tax cuts. However, this extravagant spending has triggered deep concerns in the market about Japan's deteriorating fiscal situation. The yen fell to a 10-month low, and the yield on 40-year Japanese government bonds climbed to a record high. Sources familiar with the matter revealed that the size of the new government bond issuance is still to be finalized, but is expected to exceed the 6.69 trillion yen used for a similar program last year. The cabinet plans to approve the supplementary budget as early as November 28 and aims to have it passed by parliament before the end of the year.PANews reported on November 21 that the Japanese cabinet approved a 21.3 trillion yen (approximately US$135.4 billion) economic stimulus package on Friday, the first major policy initiative since the new government took office. The package includes 17.7 trillion yen in general spending, far exceeding last year's 13.9 trillion yen, making it Japan's largest fiscal stimulus since the COVID-19 pandemic. In addition, the plan includes 2.7 trillion yen in tax cuts. However, this extravagant spending has triggered deep concerns in the market about Japan's deteriorating fiscal situation. The yen fell to a 10-month low, and the yield on 40-year Japanese government bonds climbed to a record high. Sources familiar with the matter revealed that the size of the new government bond issuance is still to be finalized, but is expected to exceed the 6.69 trillion yen used for a similar program last year. The cabinet plans to approve the supplementary budget as early as November 28 and aims to have it passed by parliament before the end of the year.
The Japanese cabinet approved a comprehensive economic stimulus package of over 21 trillion yen.
PANews reported on November 21 that the Japanese cabinet approved a 21.3 trillion yen (approximately US$135.4 billion) economic stimulus package on Friday, the first major policy initiative since the new government took office. The package includes 17.7 trillion yen in general spending, far exceeding last year's 13.9 trillion yen, making it Japan's largest fiscal stimulus since the COVID-19 pandemic. In addition, the plan includes 2.7 trillion yen in tax cuts. However, this extravagant spending has triggered deep concerns in the market about Japan's deteriorating fiscal situation. The yen fell to a 10-month low, and the yield on 40-year Japanese government bonds climbed to a record high. Sources familiar with the matter revealed that the size of the new government bond issuance is still to be finalized, but is expected to exceed the 6.69 trillion yen used for a similar program last year. The cabinet plans to approve the supplementary budget as early as November 28 and aims to have it passed by parliament before the end of the year.
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