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This week, Japan approved a ¥10.3 trillion fiscal stimulus package. That translates to around $116 billion dollars.And that’s definitely going to have a material impact on growth.
Here’s Societe Generale economist Kiyoko Katahira:
Abe’s stimulus package to push up GDP by 2% and create 600 thousand new jobs
The Japanese Cabinet office on Friday approved emergency economic stimulus measures amounting to 10.3 trillion yen, equivalent to some 2.2% of GDP. The total package is worth some 20 trillion yen, including projects by local governments and private companies. The government also expects the package to push up GDP by 2%, and to boost employment by 600,000. The official announcement of the package was largely in line with what was revealed in the press over the past few days.
That’s a lot of jobs.