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Abe Orders Extra Japan Budget Providing Cash for Pensioners

  • 10 million pensioners to get 30,000-yen payments, Asahi says
  • World's third-largest economy contracted in past two quarters
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Japanese Prime Minister Shinzo Abe on Friday ordered the compilation of an extra budget for the current fiscal year, in a bid to spur growth in an economy that has contracted in the past two quarters.

The budget, which Abe adviser Etsuro Honda has said should be as much as 3.5 trillion yen ($29 billion), will provide financial aid to low-income pensioners. About 10 million of the nation’s 40 million pension recipients would each receive about 30,000 yen under the plan, the Asahi newspaper reported, citing unidentified government officials.