Tokyo, June 16 (Jiji Press)–A group of young lawmakers of Japan’s ruling Liberal Democratic Party has drafted a proposal that the government compile a fresh supplementary budget including around 50 trillion yen in direct fiscal spending.
The proposal, drafted at a meeting Wednesday, called for the second extra budget for fiscal 2022 to be introduced to an expected extraordinary session of the Diet, the country’s parliament, in autumn.
The group of LDP lawmakers advocating aggressive fiscal spending plans to submit the proposal, which also envisions a cash handout of 100,000 yen to all citizens per head in response to soaring prices, to the government after the July 10 election for the House of Councillors, the upper chamber.
In a speech at the meeting, former Prime Minister Shinzo Abe said that Japan needs aggressive fiscal spending more urgently than fiscal reconstruction.
“It’s extremely important that the Bank of Japan take monetary policy action for that purpose,” Abe said. “I want the successor to BOJ Governor Haruhiko Kuroda to take an appropriate approach to macroeconomic issues.” Kuroda’s term as the BOJ’s head is set end in April 2023.