Japanese Government Planning to Increase their Spending for 2015 by 3 Trillion Yen

The Japanese government announced on Friday 30th October 2015 that they are planning to draw up an additional 3 Trillion Yen for their 2015 Budget. According to Prime Minister Abe, the budget additions will be spent on two areas: increasing social engagement of all citizens and preparing for the Trans-Pacific Partnership Trade Agreement.

For the improvement of social engagement, the money will be spent on comprehensive medical and long term health care in local communities. By improving the health care system, the government is aiming to reduce the number of people quitting their jobs in order to look after their elderly family members.

Regarding the TPP, the additional budget expenditures will be spent in the agricultural sector. Better water channels and irrigation facilities will be developed in order to reduce the production costs for local agricultural products.

The government also announced that they will consider additional economic stimulus depending on the GDP data for the third quarter, to be released on the 16th of November.

Read more at the Asia Nikkei Website.