Japan’s prime minister announces $113 billion in stimulus spending

By MARI YAMAGUCHI
Associated Press

TOKYO (AP) — Japanese Prime Minister Fumio Kishida has announced a stimulus package of more than 17 trillion yen ($113 billion) that includes tax breaks and benefits for low-income households. The plans is being criticized by some observers as populist spending that would worsen Japan’s national debt. Kishida says his priorities are to overcome deflation and to put the economy on a growth track. He says tax revenues will increase only when the economy grows and lead to fiscal health. The government will fund the spending by compiling a supplementary budget of 13.1 trillion yen ($87 billion) for the current fiscal year.