Japan unveils record $1 trillion budget

Japan has unveiled a record 92.29 trillion yen ($1 trillion) annual budget designed to revive its recession-hit economy.

Japan's three-month-old cabinet approved the budget for the next financial year that begins in April amid growing worries about its mounting debt.

The budget reflects Prime Minister Yukio Hatoyama's campaign pledge to increase spending for child support and slash wasteful outlay for public works.

"This budget is to protect lives. I exerted all my efforts to secure budgets to support child-rearing, employment, the environment and welfare," Hatoyama told a news conference.

Hatoyama said that his government will work to support Japan's fragile economic recovery as a 1.4 percent growth was projected for Asia's biggest economy in 1010.

"I will do my best to avoid a double-dip recession," Hatoyama added. This year Japan's economy experienced its worst downturn in decades.

The government also plans to release a record 44 trillion yen in bonds that would cover a plunge in tax profits, as its public debt is already the largest in the world.

The record bond issuance could cause fresh worries over the country's mountainous debt.

Source: PressTV.
Link: http://www.presstv.ir/detail.aspx?id=114683§ionid=3510213.