Japan to boost stimulus to $1.1 trillion as virus threatens deeper recession

first_imgTopics : Japan is boosting its new economic stimulus package to expand cash payouts to its citizen as the coronavirus fallout threatens to push the world’s third-largest economy deeper into recession.Prime Minister Shinzo Abe unveiled the new stimulus less than two weeks after his cabinet approved an earlier plan to spend 108.2 trillion yen ($1 trillion), which had detailed payouts of 300,000 yen to households with sharp drops in incomes hit by the outbreak.Abe has caved into pressure from within his own ruling bloc to boost the help with a payment of 100,000 yen for every citizen instead of 300,000 yen for limited households, analysts say, even as the new amount triples the cost to 12 trillion yen from what the government had originally planned. Expansion of the scheme may support private consumption that accounts for more than half of the economy, some analysts said, while others believe most of the payout would end up in savings rather than spending to shore up the economy.”Recipients of the payouts include the rich and the people whose incomes are not suffering, so savings will also rise,” said Ryutaro Kono, chef economist at BNP Paribas Securities. “Even considering more people will suffer an economic pain this time than during the 2009 financial crisis, the proportion of the payouts that will be spent is estimated at about 40%. As such, it would push up GDP only by 0.3 percentage points.”The upsized package will total 117.1 trillion yen ($1.086 trillion), with fiscal measures making up less than half of it, a draft reviewed by Reuters showed. Some 25.7 trillion yen will be funded by an extra budget for the fiscal year from April 1, compared with an initial extra budget worth 16.8 trillion yen.Monetary, fiscal policy mixcenter_img While the government boosts fiscal stimulus, the Bank of Japan has also joined other central banks to roll out stimulus to stave off the risk of global recession.The BOJ eased monetary policy last month by pledging to boost risky asset purchases and create a new loan scheme to pump more money into firms hit by slumping sales. The central bank will discuss further steps to ease corporate funding strains at this month’s rate review as the impact hits profits.The government now plans to issue extra bonds worth 25.6914 trillion yen to fund the supplementary budget, the draft showed.Of the extra bond issuance, some 23.3624 trillion yen will be deficit-covering bonds and the reminder will be used to finance infrastructure spending, bringing the amount of market issuance to the upper range of 152 trillion-153 trillion yen.The extra borrowing will add to the industrial world’s heaviest public debt burden, which is more than twice the size of Japan’s $5 trillion economy.It is rare for the government to compile an extra budget at the start of a new fiscal year, and it is even rarer to revise a budget draft that has been approved by the cabinet after coordinating closely with the ruling coalition.Last week, the prime minister, who has been criticized by some over his handling of the pandemic, apologized for confusion over a plan to start distributing coronavirus relief payments next month.Abe’s cabinet is expected to endorse the stimulus spending plan as early as Monday.More than 200 people have died from the virus in Japan, which has reported over 11,000 infections, of which more than a quarter are in Tokyo.last_img read more

Seoul’s unification minister resigns over North Korea tensions

first_imgThat meeting foundered on what the nuclear-armed North would be willing to give up in exchange for a loosening of sanctions.A pro-engagement academic and a longtime confidant of Moon, Kim was appointed to the post in March last year, days after the Hanoi meeting.Reports say John Bolton, the former US national security advisor, criticised Moon in his new memoir for encouraging both Kim and Trump to have unrealistic expectations of the other.Moon, who has also long backed engagement with the North, has been called unrealistic by his critics for his dovish approach.On Monday the left-leaning president gave a speech calling for inter-Korean dialogue and stressing the importance of peace on the peninsula.But Kim Yo Jong, the powerful sister of the North Korean leader, called the speech “disgusting” and “shameless and impudent”, adding Moon “seems to be insane though he appears to be normal outwardly”.The two Koreas remain technically at war after hostilities in the Korean War ended with an armistice in 1953 but not a peace treaty.Topics : Since early June, North Korea has issued a series of vitriolic condemnations of the South over anti-Pyongyang leaflets, which defectors send regularly, usually attached to balloons or floated in bottles.Analysts say the North may be seeking to manufacture a crisis to increase pressure on the South to extract concessions.On Tuesday it reduced the building on its side of the border that symbolised inter-Korean rapprochement to rubble, and the following day threatened to bolster its military presence in and around the Demilitarized Zone.Inter-Korean relations have been in deep freeze for months, following the collapse of a summit in Hanoi between North Korean leader Kim Jong Un and US President Donald Trump. South Korea’s Unification Minister, its point man for relations with the North, resigned on Friday over heightened tensions on the peninsula, days after Pyongyang blew up its liaison office with the South.President Moon Jae-in “accepted Unification Minister Kim Yeon-chul’s offer to resign”, the presidential Blue House said in a statement, without giving further details.Kim had offered to step down on Wednesday, a day after the North demolished the liaison office, saying he “takes responsibility” for the worsening of inter-Korean relations.last_img read more

Joshua reveals why he visited Nigeria as a non-champion

first_imgRead Also: Four-goal Shakhtar set up Europa League semi against Inter“I’ve just got a bit more of a Nigerian accent behind me now. Yeah, it was a good experience. And that was the last time I went since last year and this time I went back as a champion.“So it was important. I took my belts out there, connected with the people. So yeah, it means a lot that we went there. My cousin went there. My son went there for the first time, stuff like that. So it was good.”FacebookTwitterWhatsAppEmail分享 Previously, Anthony Joshua had visited Nigeria for six months when he was just eleven.“So what happened I think where parents find it difficult is that let’s say you’re earning a thousand pounds a month in the UK. But rather than just getting the best things here in the UK and establishing yourself, there’ll be a situation where they’re still trying to build back home.“So there was going back and forth. So my mum wanted to go back and do some business there. So what I thought was a holiday was actually me going to school.“So that’s just the way it is in a lot of these communities where it’s home to my mum, but for me, I remember just crying, walking down this long stretch of about 300 meters into boarding school. A complete culture shock.“And when I say culture shock is because of the way of the Nigerians. When you land at Nigerian Airport, you know you’re in Nigeria. You know you’re on your own. No police can save you. I mean, you got to make sure you’ve got your people, you know who you’re dealing with, someone’s coming to pick you up, that type of vibe.“So when I got there, it was just a massive culture shock that this isn’t a territory I’m familiar with. So I just had to pick it up quickly and I settled in quick.“And before I know it, I was back in the UK because my mum’s business didn’t go to plan. And here we are, again, we’re back to the estate with my friends. Advertisement Loading… Anthony Joshua has revealed why he opted to visit Nigeria after losing his world titles in devastating fashion on June 1, 2019, in the US. Across the boxing world AJ’s defeat to Andy Ruiz Jr. was seen as an opportunity for the Olympic gold medalist to undergo a firm reality check. Although,  Joshua later regained his world titles months later,but in between, he decided to visit his homeland in Nigeria. Speaking during an interview on Apple’s ‘Songs for Life’ recently, the 30-year-old Joshua explained why he opted for the moment after leaving Nigeria for the UK as a child. “When I went to Nigeria the first time in maybe 17 years, I went there as a non-champion. And it was fine to go back, but people say, “Why did you come back as a non-champion?” I say, “Because you respect me as a person whether I have the belts or not. Don’t ever judge me for that. You respect me first,” said Joshua. “So that was my message as well and it was just the right time. When you’re winning, everyone wants a piece of you. When I had lost, I had more time to do what I wanted to do. “So it was just a time to go back and see family or friends. Promoted ContentThe Highest Paid Football Players In The WorldCan Playing Too Many Video Games Hurt Your Body?The 10 Best Secondary Education Systems In The WorldWhat Are The Most Delicious Foods Out There?Most Beloved First Ladies Of All TimeWhich Country Is The Most Romantic In The World?14 Hilarious Comics Made By Women You Need To Follow Right Now5 Of The World’s Most Unique Theme Parks5 Of The World’s Most Unique Theme Parks10 Of The Best Places Around The World To Go StargazingThese Hilariously Creative Shower Curtains Will Make Your Day7 Universities Where Getting An Education Costs A Hefty Pennylast_img read more