Japan’s Cabinet Set to Green Light $88 Billion Extra Budget
- About two-thirds of budget to be funded through extra bonds
- Polls suggest public unimpressed by Kishida’s stimulus package
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Prime Minister Fumio Kishida’s cabinet is set to green light a ¥13.2 trillion ($87.5 billion) extra budget to fund his latest economic stimulus package amid concern Japan is continuing to spend above its means.
The additional budget will be partly financed by issuing ¥8.9 trillion in additional government bonds, according to documents obtained by Bloomberg. The remainder will be funded by a surplus from the previous year and a small portion of extra tax revenue and other sources. The cabinet is likely to approve the budget Friday.