Japan's cabinet approved a $122 billion fiscal package on Thursday to suppo...
TOKYO - Japan’s cabinet approved a $122 billion fiscal package on Thursday to support stalling growth in the world’s third-largest economy amid offshore risks and as policymakers look to sustain activity beyond the 2020 Tokyo Olympics.
However, Tokyo is also seeking to balance its need for stimulus with its drive to reduce its massive public debt, which is more than twice the size of its GDP and the industrial world’s largest debt pile. Japan’s economy ground to a near halt in July-September as the global slowdown knocked exports. Retail sales also tumbled at their fastest pace in more than 4-1/2 years in October as a sales tax hike prompted shoppers to tighten their purse strings.
In compiling the package, Japan’s heavily indebted government will need to tap stretched capacity to combat overseas risks and the impact of October’s sales tax hike, while steering clear of fresh deficit-covering bond issuance. “Rather than pushing up the economy, we see it as easing negative factors,” said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.
FILE PHOTO: Workers are seen at the construction site of the New National Stadium, the main stadium of Tokyo 2020 Olympics and Paralympics, during a media opportunity in Tokyo, Japan July 3, 2019. REUTERS/Issei Kato/File Photo
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