Japanese Prime Minister Taro Aso announced a ¥27 trillion (US$275 billion) stimulus package to shore up the world’s second-largest economy yesterday, vowing to dispel fears over the global financial crisis with expanded credits for small businesses and a cash payback to every household.
Aso said that Japan’s economy was hit by “a tempest that comes once in 100 years” and his government would muster all its efforts to help the country weather “a financial disaster.”
“We understand that the most important thing is to assure the security of average households,” the prime minister told a news conference as he unveiled the economic package.
“The purpose of the package is not to merely spur one-off demand. It is to generate solid economic growth by steady domestic demand,” he said.
The package — which will total ¥26.9 trillion — will include ¥2 trillion in fixed-sum benefits for every household, meaning a ¥60,000 payment for a family of four.
It would also guarantee expanded loans and credits to struggling small and medium-sized firms and include a cut in payroll deductions for employment insurance and reduced fees for highways.
Aso said Japan’s financial system was stable compared with those in the US and Europe, but warned that the spiraling global financial crisis “is almost certain to affect Japan’s real economy.”
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