Oct 16 06:59 AM US/EasternTOKYO, Oct. 16 (AP) - (Kyodo) — Prime Minister Taro Aso instructed his ministers Thursday to compile an additional economic stimulus package in a bid to steer the nation's economy clear of the worsening global financial turmoil.
The instruction came after the enactment earlier in the day of a 1.81 trillion yen supplementary budget to support businesses and livelihoods.
In a statement explaining the principles of the new package, Aso said, "The government will form a new emergency economic package as soon as possible in order to secure people's livelihoods."
In August, Japan mapped out a stimulus package worth about 11.7 trillion yen, the first of its kind since 2002, amid rising energy and raw material costs.
Aso, however, apparently believes another package is required given worsening global economic conditions after the U.S.-triggered subprime mortgage meltdown.
The new package is likely to consist of tax incentive measures and financial stabilization steps.
The prime minister said the government will aim to compile the new package in the week starting Oct. 27.
He also said the government will refrain as much as possible from issuing deficit-covering bonds to finance the new package.
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