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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Japan ruling party seeks $58 bln extra budget Reuters - Wednesday, October 6 Send IM Story Print By Tetsushi Kajimoto TOKYO to stimulate an economy struggling amid persistent deflation and a rising yen. The Democrats also said the government and central bank must cooperate more closely, as the yen's strength threatens to derail Japan's economic recovery and deepen deflation, although analysts doubt the stimulus steps could have much impact. To make more efficient use of Japan's massive foreign exchange reserves, the Democrats proposed setting up a sovereign wealth fund similar to funds in China and Singapore. They also said Japan should take advantage of a strong yen to invest in overseas resource development, including rare earth minerals, which are vital for electronics and auto parts manufacturing. Based on the proposal, the government will decide on an economic stimulus package on Friday and then draft an extra budget for the fiscal year to next March without issuing more debt, by tapping financial sources such as surpluses in annual budgets. The Democrats' proposal comes a day after the Bank of Japan surprised markets by cutting interest rates and pledging to buy 5 trillion yen worth of assets to provide fresh economic stimulus. Prime Minister Naoto Kan's government faces the task of reining in massive public debt, now nearly twice the size of Japan's $5 trillion economy, while maintaining a fragile economic recovery. The government also needs the support of opposition lawmakers to enact the extra budget swiftly due to a split parliament, while some lawmakers call for extra government bonds to be issued to boost the stimulus. A senior Democrat lawmaker said the proposals largely reflected views put forward by opposition parties. "The government and ruling party will craft proposals and if possible discuss them with the opposition parties, but in principle this will not mean issuance of fresh bonds or further debt," Chief Cabinet Secretary Yoshito Sengoku told Reuters last week. Japan's economic growth slowed from an annualised rate of 5.0 percent in January-March to 1.5 percent in the following quarter. Analysts say the economy could hit a soft patch later this year as the yen's rise and slowing global growth hurt all-important exports and the effects of earlier stimulus measures fades. Tokyo stepped into the currency market on September 15 for the first time in more than six years to stem the yen's rise. But the intervention, as well as the BOJ's latest measures, appeared to offer only temporary relief. After initial falls the yen was on the rise again on Wednesday. The Democrats also urged the government to positively consider cutting the effective corporate tax rate when it makes an annual review of taxes towards the end of the year. Calls have made for Japan to cut the rate from 40 percent so as to boost domestic investment and keep firms from shifting production bases overseas. 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