Even the Japanese government realizes that bailouts are not only for American financial health but their own economy. The announcement of over 400 billion dollar stimulus package, denotes the severe downturn of Japanese business and its economic trends.
Japan’s 400 Billion Dollar Stimulus Package
The package which will give a boost to small business loans, and includes tax cuts that have eroded economic stability in Japan. Mortgage relief and direct hand outs to Japanese families is also included in the package.
The Prime Minister of Japan Mr. Taro Aso has been quoted as calling the international financial crisis and event that does not happen but once in a hundred years. The financial global crisis is not only hurting the United States but all major foreign countries of the G-7 and others.
Prime Minister Aso appeared on national television compared the worsening economy to a howling wind that people needed shelter from, through his 400 billion dollar stimulus package to repair the finance markets.
As Prime Minister Aso tried to relay fears of the stagnant economy he indicated his people should not be afraid and assured more assistance such as reduced road tolls for consumers.
Source: ABC News.
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