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Japan incoming government eyes $145 billion spending plan

Published on Dec 19, 2012 3:48 PM
 
Japan's main opposition Liberal Democratic Party (LDP) President Shinzo Abe (centre) puts rosettes by successful general electoral candidates' names on a board at the party headquarters in Tokyo on Dec 16, 2012, while Deputy President Masahiko Komura (left) and Secretary General Shigeru Ishiba (right) clap their hands. Japan's incoming conservative government said on Wednesday that it would launch a huge spending package worth about S$145 billion aimed at injecting life into the nation's limp economy. -- PHOTO: AFP

TOKYO (AFP) - Japan's incoming conservative government said on Wednesday that it would launch a huge spending package worth about S$145 billion aimed at injecting life into the nation's limp economy.

The Liberal Democratic Party (LDP) led by hawkish Shinzo Abe will ditch the current overdraft limit so it can pay for the whopping stimulus, reports said, even as ratings agencies have warned Tokyo over its spending.

"We must work out a supplementary budget urgently," the party's deputy head Masahiko Komura told reporters in the Japanese capital.

"From a macroeconomic viewpoint, some 10 trillion yen (S$145 billion) will probably be needed."

 
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