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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: pater tenebrarum who wrote (25204)9/8/1999 1:02:00 PM
From: Don Green  Read Replies (1) of 99985
 
Govt Readies Extra Pump-Priming For FY99 Second Half Thursday, September 9, 1999

TOKYO (Nikkei)--The government will spend its 500 billion yen public works reserve and appropriate a second supplementary spending package in the second half of the current fiscal term, in hopes such additional pump-priming will effect economic recovery. Prime Minister Keizo Obuchi will unveil the stimulus steps Thursday, The Nihon Keizai Shimbun learned, when candidates for presidency of the ruling Liberal Democratic Party jointly face the press. Government and LDP officials have agreed to further stimulate the economy because personal consumption and corporate capital spending have yet to show clear signs of recovery. "More will have to be done unless economic growth data for the April-June quarter is surprisingly good," Finance Minister Kiichi Miyazawa has stated. That data will be announced Thursday morning by the Economic Planning Agency. The government intends to start allocating the 500 billion yen reserve for public works immediately, and finish approving specific projects by the end of this month. This spending does not require Diet approval, so officials will be able to steadily pump cash into the economy during the political lull of the LDP election and subsequent coalition negotiations with the Liberal Party and New Komeito. Plans for a second extra spending package will have to await political events, but a new government will likely start budget work in early October, and send a draft bill to the Diet by late November.
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