Sunday, September 4, 2011

Japan to Spend $124 Billion on Recovery

Sunday, September 4, 2011

TOKYO—The Japanese government will spend about ¥10 trillion ($124 billion) on reconstruction after the devastating March 11 earthquake and tsunami, which is likely to shave 1% off Japan's economic growth this year, the country's economy minister said Friday.

But any additional government-debt issuance to finance those efforts needs to be backed up with a clear source of funding to avoid further denting Japan's credibility in financial markets, Minister for Economic and Fiscal Policy Kaoru Yosano said in an interview with Dow Jones.

"My rough guess is that the government will spend about a little bit more than ¥10 trillion," Mr. ...

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