Report: Japan To Add Billions to Stimulus Package
TOKYO (AP) _ In its latest attempt to prop up the economy, the government plans another boost to public works spending of up to 4 trillion yen or about $36 billion, a newspaper reported Thursday.
The Nikkei, a major financial daily, said the allocation would be part of the third supplementary budget for fiscal 1993, which ends next March 31.
Due to the late timing, most of the spending would kick in during fiscal 1994. Previous supplemental budgets also included increases of public works spending.
Officials were not available for comment Thursday due to a national holiday.
Japan is in the grip of one of its worst economic slides, marked by rising unemployment, weak corporate profits and widespread unease in the country’s financial markets.