Growing pains: Japan’s latest fiscal stimulus package, worth just over $120 billion, will avert stagnation or worse. But healthy growth and inflation will prove elusive, writes jgfarb: ReutersFlasseur
Japan's cabinet on Dec. 5 approved a 13.2 trillion yen fiscal package to support stalling growth in the world's third-largest economy amid offshore risks and as policymakers look to sustain activity beyond the 2020 Tokyo Olympics.
When government loans, credit guarantees and private-sector spending are included, the package comes to 26 trillion yen . Bank of Japan board member Yutaka Harada said on Dec. 5 that he saw no need for the central bank to take extra steps to complement the stimulus plan. “Given that current low interest rates were caused by deflationary monetary policy in the past, the only way is to wait for prices and interest rates to rise while continuing current monetary easing aimed at sustaining economic growth,” Harada said in a speech.
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