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PR Newswire
08-08-2013, 08:44 PM
More news update on Japan's Abenomics
Japan cabinet OKs blueprint for spending cuts
TOKYO — Japan’s Cabinet approved today (Aug 8) a blueprint for cuts to welfare and public works spending intended to repair the nation’s overstretched finances.
Prime Minister Shinzo Abe has meanwhile deferred until later this year a decision on hiking Japan’s sales tax, which might help fortify public finances, but could do more harm than good if it derails the economic recovery nurtured by Mr Abe’s government.
Japan’s public debt amounts to more than twice the size of its economy, which is the world’s third largest. Earlier this week, the International Monetary Fund reiterated its call for a “credible” fiscal plan to help bring it under control. Mr Abe is expected to respond to that call at a summit of the Group of 20 major developed and emerging economies early next month.
The plan approved today would slash social security spending and reduce public works costs by 10 per cent. So far, Mr Abe has focused on boosting spending to stimulate growth and fight deflation. Economists say the still-fragile recovery can be sustained only if the government tackles difficult reforms needed to improve Japan’s competitiveness and counter the impact of a fast-aging and shrinking population.
http://www.todayonline.com/business/japa...nding-cuts
Bank of Japan holds steady on monetary policy
TOKYO — The Bank of Japan (BOJ) kept monetary policy steady and held off on revising up its assessment of the economy today (Aug 8), opting to wait for more clues on whether the increasingly positive mood will encourage companies to ramp up spending.
Bank lending rose nearly 2 per cent in July from a year earlier, the biggest increase in four years, BOJ data showed earlier in the day, boding well for the central bank’s efforts to boost lending with its aggressive monetary stimulus.
http://www.todayonline.com/business/bank...ary-policy
Japan cabinet OKs blueprint for spending cuts
TOKYO — Japan’s Cabinet approved today (Aug 8) a blueprint for cuts to welfare and public works spending intended to repair the nation’s overstretched finances.
Prime Minister Shinzo Abe has meanwhile deferred until later this year a decision on hiking Japan’s sales tax, which might help fortify public finances, but could do more harm than good if it derails the economic recovery nurtured by Mr Abe’s government.
Japan’s public debt amounts to more than twice the size of its economy, which is the world’s third largest. Earlier this week, the International Monetary Fund reiterated its call for a “credible” fiscal plan to help bring it under control. Mr Abe is expected to respond to that call at a summit of the Group of 20 major developed and emerging economies early next month.
The plan approved today would slash social security spending and reduce public works costs by 10 per cent. So far, Mr Abe has focused on boosting spending to stimulate growth and fight deflation. Economists say the still-fragile recovery can be sustained only if the government tackles difficult reforms needed to improve Japan’s competitiveness and counter the impact of a fast-aging and shrinking population.
http://www.todayonline.com/business/japa...nding-cuts
Bank of Japan holds steady on monetary policy
TOKYO — The Bank of Japan (BOJ) kept monetary policy steady and held off on revising up its assessment of the economy today (Aug 8), opting to wait for more clues on whether the increasingly positive mood will encourage companies to ramp up spending.
Bank lending rose nearly 2 per cent in July from a year earlier, the biggest increase in four years, BOJ data showed earlier in the day, boding well for the central bank’s efforts to boost lending with its aggressive monetary stimulus.
http://www.todayonline.com/business/bank...ary-policy
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