Japan unveils $154B stimulus bill

TOKYO, April 9 (UPI) -- Japan's Liberal Democratic Party unveiled details of a sweeping $154.4 billion supplemental spending bill Thursday that aims to give the economy a boost.

The spending package is the largest stimulus bill proposed in Japan, The New York Times reported. If it passes, total stimulus spending under Prime Minister Taro Aso, who took office in September, would reach $269.7 billion.

By itself, the spending bill equals about 3 percent of Japan's gross domestic product.

The bill includes tax breaks, funds for corporate financing and allocations for child care and health. Car buyers purchasing "green" cars would receive $2,500 in tax breaks. Five percent of the purchase price for energy-efficient appliances would be subsidized

With the unemployment rate at a three-year high of 4.4 percent, the bill also allocates funds for training displaced workers.

"In the short term, the stimulus plan will help boost economic growth, simply because of its scale," JPMorgan Securities Japan economist Masamichi Adachi told the Times.

"But how much sustainable growth can the plan generate? That's not clear at this point," Adachi said.