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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan PM launches stimulus with eye on election AFP - Saturday, April 11 TOKYO (AFP) - - Japanese Premier Taro Aso vowed Friday to ease the pain of a crippling recession with 150 billion dollars of emergency spending, drawing the battle lines ahead of a key election this year. Aso unveiled his long awaited package, which includes spending of 15.4 trillion yen (150 billion dollars) -- worth about three percent of Japan's gross domestic production -- in a bid to rescue the economy from its worst recession in decades. Japan will also set up a government body that could buy up to 50 trillion yen worth of shares from the market using public funds in the event of exceptional financial turmoil, he said. Aso pledged to "prevent the economy from falling through the floor." "We want to reduce the pain felt by the public by securing jobs. At the same time we think it's important to increase the capacity for economic growth in the future," he told a news conference. Aso is battling to reverse a slump in popularity ahead of crucial elections later this year that could see an end to the ruling party's almost unbroken half-century grip on power. The premier must call an election by September, but is under pressure from the opposition to hold snap polls sooner. The fresh spending is part of a wider package totalling more than 56.8 trillion yen (570 billion dollars), when tax cuts, loan guarantees and other measures are included. The government said the stimulus would boost Japan's economic output by about two percent in the fiscal year to March 2010 and create up to 500,000 new jobs. Financial markets, however, reacted nervously after Finance Minister Kaoru Yosano said the government was likely to sell new debt worth more than 10 trillion yen to pay for the new outlays. "We are concerned that it might have a negative impact on the bond market," said Morgan Stanley economist Takehiro Sato. RBS Securities analysts added: "Waves of supply worries are rippling through the market" over the prospect of massive new government borrowing. Japan's gross public debt is already more than 170 percent of gross domestic product -- the highest among industrialised nations. Tokyo spent trillions of yen on emergency stimulus packages to try to haul the economy out of its deflationary doldrums after the economic bubble burst in the early 1990s. The latest injection comes on top of stimulus measures approved by parliament since October that were worth a combined 75 trillion yen, of which actual fiscal spending was about 12 trillion yen. The new plan includes money for clean energy generation, elderly and health care, employment support and the promotion of cultural products and tourism. Plummeting worldwide demand for Japanese cars, machinery and high-tech goods has put Japan on course for its worst economic slump since World War II. Japan's economy logged its worst performance in almost 35 years in the last quarter of 2008, shrinking at an annualised pace of 12.1 percent. Analysts expect another sharp contraction for the first quarter of 2009. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China economic stimulus starting to work: premierAFP - Sunday, April 12 China Pacific Insurance Q4 net loss 2.54 bln yuanReuters - Saturday, April 11 China foreign exchange reserves at $1.95 trillionAP - Saturday, April 11 China forex reserves fall in FebruaryAFP - Saturday, April 11 Related Articles: Business Beech-Nut to leave NY village after 118 yearsAP - Sunday, April 12 Possible GOP contender in 2012 blasts Obama budgetAP - Sunday, April 12 US-BUSINESS SummaryReuters - Sunday, April 12 Steve Jobs maintains grip at Apple: reportReuters - Sunday, April 12 Russian firms keen to pump Iraqi oil, gas -agenciesReuters - Sunday, April 12 Enlarge Photo Japan PM launches stimulus with eye on election Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed UN sounds warning after Antarctica ice shelf rips French commandos storm yacht Harry Potter actor arrested over cannabis find Selective abortion causes 32mln excess China males World oil glut raises risk of recovery 'crunch': IEA View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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