Japan unveils $275 billion stimulus package

Japan has responded to the global credit crunch today by announcing a 26.8 trillion yen ($275 billion) stimulus package that is designed to assist homeowners and businesses, according to published reports.
OCT 30, 2008
By  Bloomberg
Japan has responded to the global credit crunch today by announcing a 26.8 trillion yen ($275 billion) stimulus package that is designed to assist homeowners and businesses, according to published reports. It is Japan’s second stimulus package in as many months. The nation announced a 11.7 trillion yen ($107.5 billion) spending plan in late August in response to its worst inflation levels in more than a decade (InvestmentNews, Aug. 29). The new stimulus package includes 5 trillion yen ($51 billion) in new government spending along with tax breaks on mortgages and relief for small firms that are suffering as a result of the credit crunch. The plan comes a day before the Bank of Japan is scheduled to meet and consider cutting its key interest rates from an already low 0.5%.

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