Japan’s Ishiba Set to Announce $140 Billion Stimulus Package

Bloomberg11-21 11:29

(Bloomberg) -- Japanese Prime Minister Shigeru Ishiba is set to unveil a $140 billion economic stimulus package to address a range of challenges from inflation to wage growth, following his election ...

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The package will include 13.9 trillion of spending from the general account, NHK said. Together with private sector spending, the impact of the package overall is expected to be around 39 trillion, the report said.The proposed plan is expected to be approved by the cabinet Friday, following Ishiba’s return from South America where he attended a series of summit meetings. The compiling of the package with an extra budget to follow are an important test of Ishiba’s ability to proceed with policy now that his ruling coalition only has a minority in parliament.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0971096721.USD":"富达环球金融服务 A","LU1548497426.USD":"安联环球人工智能AT Acc","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","N5YD.SI":"MTU ADR US$","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","MS":"摩根士丹利","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4588":"碎股","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","MUFG":"三菱日联金融","BK4581":"高盛持仓","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","BK4504":"桥水持仓","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4127":"投资银行业与经纪业","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","BK4516":"特朗普概念","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0106831901.USD":"贝莱德世界金融基金A2","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD"},"translate_title":"日本石破将宣布1400亿美元刺激计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"N5YD.SI":0.9,"MUFG":0.9,"MS":0.9},"content_text":"(Bloomberg) -- Japanese Prime Minister Shigeru Ishiba is set to unveil a $140 billion economic stimulus package to address a range of challenges from inflation to wage growth, following his election promises to alleviate a cost-of-living crunch. \nThe package will add up to ¥21.9 trillion, according to public broadcaster NHK, a fraction larger than last year’s array of measures. The package will include ¥13.9 trillion of spending from the general account, NHK said. Together with private sector spending, the impact of the package overall is expected to be around ¥39 trillion, the report said.\nThe proposed plan is expected to be approved by the cabinet Friday, following Ishiba’s return from South America where he attended a series of summit meetings. The compiling of the package with an extra budget to follow are an important test of Ishiba’s ability to proceed with policy now that his ruling coalition only has a minority in parliament.\nStill, the extra spending is likely to add to the world’s largest debt load for a developed economy. \nThe package is set to include support for sustained wage gains and cash handouts for low-income households, as well as investment into the semiconductor and artificial intelligence sector, according to an earlier draft of the plan seen by Bloomberg. The government also said it will resume subsidies for gas and electricity bills from January, to protect households from higher commodity prices. \nThe package will state that annual tax reform discussions for the next fiscal year will include a reference to raising the ceiling for tax-free income from ¥1.03 million, as proposed by the Democratic Party for the People. \nIshiba’s minority government needed to make concessions to the smaller party to ensure funding for the package will get passed in parliament. That means the full cost of the deal to ensure DPP backing will be determined later. \n“The figures are roughly within expectations,” said Keisuke Tsuruta, a senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities. “The key is the tax-free income ceiling, and how much it might be raised.”\nIf the ceiling is raised to ¥1.78 million as demanded by the DPP, the finance ministry has said the change could cost up to ¥8 trillion in lost tax revenue. A compromise that leaves less of a hole in the government’s tax receipts seems a more likely outcome of the discussions. \nJapan’s general government debt has grown to a size equivalent to more than 250% of its economy, according to the International Monetary Fund. With the central bank broadly expected to hike interest rates again in either December or January, Japan’s debt-servicing costs are also expected to increase.\n--With assistance from Go Onomitsu, Ryotaro Nakamaru and Saburo Funabiki.\n(Updates with more details, analyst comments.)\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485481083"}