Japan to implement bigger economic stimulus measures

TOKYO: Japan announced Friday it was drafting a new 100-trillion-yen ($1.03 trillion) economic stimulus package, news reports said.

Finance Minister Kaoru Yosano said the details of the package would be made public by the beginning of April.

Prime Minister Taro Aso will present the plan at a meeting of G20 leaders in London April 2, Yosano said.

The plan follows a request from US Treasury Secretary Timothy Geithner to G20 member states to implement stimulus packages worth 2 percent of aggregate gross domestic product each year for 2009 and 2010.

Japan has already introduced a series of stimulus packages worth 75 trillion yen, which are made up of two extra budgets for the current fiscal year and the principal budget for the next fiscal 2009 with fiscal spending of 12 trillion yen.

Immediately after the additional measures are drafted, the government will compile a supplementary budget for the 2009 fiscal year, the Kyodo news agency quoted sources as saying.