Japan extra budget for stimulus package to exceed $198 billion -NHK
October 27, 2022 at 04:44 am IST
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TOKYO (Reuters) - Japan's upcoming economic stimulus package is expected to entail an extra budget of more than 29 trillion yen ($198 billion), far exceeding a previous estimate, national broadcaster NHK reported on Thursday.
Only a day earlier, Japanese media had reported that the government was set to spend about 25 trillion yen on the stimulus package, aimed at easing the pain from rising energy and other living costs.
Lawmakers from the ruling Liberal Democratic Party objected to the lower estimate, prompting Prime Minister Fumio Kishida and Finance Minister Shunichi Suzuki to meet on Wednesday evening to review the plan, NHK reported.
The massive spending, which is likely to be finalised on Friday, is expected to be partially funded by additional debt issuance in a move that would increase Japan's already huge debt pile.
($1 = 146.3200 yen)
(Reporting by Mariko Katsumura and Chang-Ran Kim; Editing by Stephen Coates)
NHK SPRING CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of suspension springs, seat products and automobile-related products. It has four business segments. The Suspension Springs segment manufactures and sells coil springs, board springs, stabilizers, torsion bars, stabilizer links, bellows, and stabilizer linkers. The Seating segment offers automobile seats, seat-related products, as well as interior equipment. The Precision Component segment offers suspensions for hard disk drives (HDDs), mechanism parts for HDDs, wire springs, lamella springs, probe units for liquid crystal and semiconductor checking, as well as precision processed goods. The Industrial Equipment segment manufactures and sells brazing goods, ceramic products, spring mechanism goods, piping support installations, parking systems, polyurethane products, security products, lighting apparatus and golf shafts and others.