Japan's new prime minister Yoshihide Suga will likely pull out all stops to revive the economy badly hit by the coronavirus pandemic but still continue the policies of outgoing leader Shinzo Abe.
The three-pronged approach is aimed at combating deflation and reviving economic growth with loose monetary policy and fiscal spending, alongside structural reforms to cope with a rapidly aging population.
But "Suga's focus on pulling out all the stops to support a recovery makes it likely that he will provide fresh stimulus by continuing to use contingency reserve funds, passing another supplementary budget late this year or early next year, and compiling a robust FY2021 regular budget," said Seaman in a note on Wednesday.There are three key concerns from the market's point of view, according to Fidelity's Katsumi Ishibashi.
In his first press conference as prime minister on Wednesday, Suga said he will do his best to protect jobs while countering the coronavirus at the same time,Dipping into 10 trillion Japanese yen of contingency funds from a second supplementary budget for the 2020 fiscal year;Compiling a big regular budget for the 2021 fiscal year to prop up the economy.
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