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Japan’s Kishida Delivers $316 billion Extra Budget for Recovery

  • Government will issue billions in new bonds to pay for it
  • Minister says the needed aid will stress Japan’s finances
Fumio Kishida
Fumio KishidaPhotographer: Rodrigo Reyes-Marin/Zuma Press/Bloomberg
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Prime Minister Fumio Kishida delivered his first extra budget, funding Japan’s biggest-ever fiscal package, as he tries to lay the groundwork for what he’s billed as a new version of capitalism and secure an economic recovery before next year’s elections. 

Kishida’s cabinet approved new spending of 36 trillion yen ($316 billion) and the issuance of about 22 trillion yen in new government bonds to pay for it, according to government documents released Friday that confirmed earlier reports.