now the focus should be the recovery in Japan: can this new guy pull them out of the water?
maybe so.....breaking news after today's close:
Monday July 27, 4:15 pm Eastern Time
Japan to lift sectoral budget caps for 1999-Nikkei
NEW YORK, July 27 (Reuters) - The Japanese government plans to remove
from the fiscal 1999 budget sectoral ceilings on spending that had been
mandated by fiscal restraint guidelines, a Japanese newspaper reported.
''Observers'' said public works, social security and outlays for small
companies are likely to see boosted appropriations, Tuesday's edition of
the Nihon Keizai Shimbun reported, according to the Nikkei
English-language news service.
The newspaper reported that Yukihiko Ikeda, an official of the Liberal
Democratic Party (LDP), said the government will outline an
''expansionary'' budget for 1999.
Official debate of budget specifics will begin after a cabinet is formed
this week, the newspaper said.
Under the fiscal reconstruction law, designed to cut snowballing
Japanese public deficits, the government currently caps how much each
sector should spend.
Keizo Obuchi, the new LDP head expected to be named prime minister later
this week, has already announced his intention to put the fisical
reconstruction law on hold.
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