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Japanese Prime Minister Shinzo Abe said today that the government will make an additional budget plan and submit it to Parliament in the autumn.
Recall Abe's cabinet approved the program of fiscal measures last week amounting to 13.5 trillion yen to help revive the economy, whose growth has slowed significantly after the increase in the sales tax in 2014. The package includes 7.5 trillion. yen spending by national and local authorities, some of which are expected to be financed by the supplementary budget for the current fiscal year. Nevertheless, the impact of the approved package is likely to be quite moderate. According to some economists, such measures will increase GDP growth by only 0.1-0.2 percentage points.
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