Japan unveils more than $266 bn economic stimulus: mediaJuly 27, 2016 - 10:44 AMT PanARMENIAN.Net - Japan launched an economic stimulus package worth more than 28 trillion yen ($266 billion) on Wednesday, July 27, media reported, days before the central bank is expected to unveil its own growth-boosting measures, AFP says. Prime Minister Shinzo Abe announced the program in a speech in southwestern Japan, giving few details except to say it would include about 13 trillion yen in fiscal measures including government spending, according to Jiji Press news agency. More highlights of the package were expected next week when the cabinet is due to approve the measures. Abe promised a stimulus package -- which earlier reports had varied at being worth 10 to 30 trillion yen -- after Britain's vote last month to quit the European Union sparked a rally in the yen that threatened profits at Japan Inc. Traders tend to buy Japan's currency as a safe bet in times of turmoil or uncertainty, but it makes the country's exporters less competitive overseas and takes a bite out of their bottom line, AFP says. The news comes as speculation mounts that the Bank of Japan will further ease monetary policy after a two-day meeting Friday. Since taking the helm more than three years ago BoJ governor Haruhiko Kuroda has overseen a massive asset-buying plan that now stands at an unprecedented 80 trillion yen annually. The scheme is a cornerstone of Abe's push to beat years of deflation and kickstart growth, dubbed Abenomics. But while Kuroda has insisted the central bank's target to reach two-percent inflation is realistic, the BoJ has been forced to push back its timeline for meeting that goal several times. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |