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Economy

Abe set to call for fresh economic stimulus

TOKYO -- After a resounding win in Sunday's upper house election, Prime Minister Shinzo Abe will give the go-ahead as early as this week for work on measures to combat deflation and stoke economic growth.

"Abenomics won recognition" in the poll, said Sadakazu Tanigaki, secretary-general of the ruling Liberal Democratic Party, in a television appearance.

"We take this to mean voters want us to go further with Abenomics," LDP elections chief Toshimitsu Motegi told public broadcaster NHK.

Funding for the economic measures is to be appropriated in a supplementary budget during an autumn session of Japan's parliament.

The budget proposal is expected to include pick-me-ups for consumer spending, as well as public works projects and aid for small and midsize businesses.

Support for a magnetic-levitation railway project may be provided in the form of low-interest zaito financing, a program used to fund public investments. Abe's government will also propose legislation needed to postpone the April 2017 consumption tax hike to October 2019.

Abe may reshuffle his cabinet and senior LDP posts with an eye to an extended stay in government this August rather than September as he had envisioned earlier.

(Nikkei)

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