Trillions to fix economy
JAPAN has approved a record trillion-dollar budget, seeking to aid economic recovery but also fuelling concerns about its swelling national debt.
The cabinet outlined spending measures of 92.3trillion yen ($1.14 trillion) for the next financial year starting in April, focusing on improving social welfare and cutting public works spending, officials said.
The budget aims “to protect livelihoods with a philosophy shifting from concrete to people”, Prime Minister Yukio Hatoyama said, adding: “I will do my best to avoid a double-dip recession.”
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