Japan's FinMin: Govt. To Reallocate Part Of Extra Budget

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Friday, Japan's new Finance Minister Hirohisa Fujii said the government will reallocate unused funds from the JPY13.9 trillion supplementary budget announced by the previous government and use the money for social welfare programmes.

The new government, led by Prime Minister Yukio Hatoyama, will probably be able to extract "several trillion yen" from the budget, Fujii said at a press conference in Tokyo.

The minister noted that ministers decided to scrap wasteful items from the supplementary budget in the cabinet meeting and redirect the funds towards other uses. Each minister has given time till October 2 to decide which items are to be scrapped, he said.

Thursday, in an interview on Nihon Television Network, Fujii said Japan's labor and wage conditions are terrible and the unused funds can be used to solve such issues if the economy deteriorates further.

Friday, Japan's new Finance Minister Hirohisa Fujii said the government will reallocate unused funds from the JPY13.9 trillion supplementary budget announced by the previous government and use the money for social welfare programmes. (Market News Provided by RTTNews)