Japan seeks budget for stimulus package

Aug. 22, 2008 at 6:30 AM

TOKYO, Aug. 22 (UPI) -- The Japanese economic stimulus package will be funded with a supplementary budget instead through deficit-covering bonds, it was announced Friday.

Japanese Economic Minister Kaoru Yosano said the supplementary budget will be prepared for the current fiscal year ending next March, Kyodo news service reported.

Finance Minister Bunmei Ibuki ruled out issuing bonds to finance the package, which is designed to offset rising gasoline and food prices due to inflation.

"We saw an agreement in opinions to proceed with work to create" a supplementary budget, Yosano said, but gave no details on the size of the budget, the report said.

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