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(Update) Abe Orders Stimulus Package, Seen Totaling 5 T. Yen
Tokyo, Nov. 8 (Jiji Press)--Japanese Prime Minister Shinzo Abe on Friday instructed his cabinet to draw up a package of measures to boost recovery and revitalization efforts in typhoon-struck areas and to prop up the economy.
It is the first time for the government to compile a stimulus package since August 2016. The government aims to assemble the package, expected to total some 5 trillion yen, by the year-end.
"We will draft new economic measures on a 15-month budget basis, in order to speed up postdisaster reconstruction efforts, deal with risks from abroad and boost productivity," Abe told a cabinet meeting.
The move comes amid overseas economic uncertainties stemming from the U.S.-China trade war and concerns about the impact of the Oct. 1 consumption tax hike at home, as well as the aftermath of the recent typhoon disasters.
During the meeting, the prime minister also ordered the compilation of a supplementary budget for fiscal 2019, which started in April.