The Japanese government is to provide Y50,000bn in loan guarantees to government affiliated financial institutions to buy stocks in the market as part of a record stimulus plan that will cost the government Y15,400bn.
The size of the new package, which amounts to 3 per cent of GDP, highlights the government's intention to act aggressively to combat the debilitating impact of the global recession on the Japanese economy.
It will give “a large stimulus to the domestic economy”, said Richard Jerram, chief economist at Macquarie in Tokyo.
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