Abe's Cabinet OKs 3.12 tril. yen extra budget for stimulus steps

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TOKYO. KAZINFORM Prime Minister Shinzo Abe's Cabinet endorsed Friday a 3.12 trillion yen supplementary budget for fiscal 2014 to fund an economic stimulus package aimed at bolstering domestic demand curtailed by the April 1 consumption tax hike and weaker yen.

In an attempt to shore up flagging private spending, the government decided to allot 1.19 trillion yen to provide subsidies designed to offset rising fuel costs and help municipalities implement measures necessary to revitalize their economies, Kyodo reports. Abe's administration mapped out the latest stimulus package worth around 3.5 trillion yen on Dec. 27. The extra budget is likely to be enacted during the ordinary Diet session to be convened later this month.

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