Tokyo to launch $67.5b stimulus package
TOKYO (AFP) - Tokyo will announce a spending package worth almost 5.5 trillion-yen (S$67.5 billion) on Thursday, media reports said, in a bid to offset a tax hike that comes into effect next year and which critics fear will derail Japan's economic recovery.
The stimulus boost will reportedly be loaded with public works spending, including construction projects for the 2020 Tokyo Olympics,rebuilding coastal communities shattered by the 2011 quake-tsunami and updating the country's ageing infrastructure.
Many of Japan's roads, bridges and water systems date back to the 1960s and 70s and have seen few upgrades since.
The package will also include investment and tax-incentives for business, low-income earner subsidies and assistance for disaster victims, according to Japanese media.