LDP executive calls for ¥26 tril extra budget to cushion blow from pandemic
May 27
05:00 am JST
May 27 | 06:43 am JST
TOKYO
Japan's government is expected to compile an extra budget in October or November, senior ruling party lawmaker Kozo Yamamoto said on Wednesday, calling for spending of around 26 trillion yen ($239 billion) to cushion the economic blow from the COVID-19 pandemic.
Yamamoto, a political heavyweight close to former Prime Minister Shinzo Abe, also urged the Bank of Japan to ramp up asset buying to weaken the yen further and help the export-reliant economy.
"The BOJ must do more because Japan appears to be sliding back to deflation. Instead, the BOJ is stealth tapering asset purchases," Yamamoto told Reuters in an interview.