The Japanese government submitted to the Diet on Monday a supplementary budget plan for fiscal 2015 calling for additional general-account expenditures of ¥3.321 trillion.
The extra budget will boost the total size of Japan’s general-account expenditures for the current year ending in March to ¥99.663.3 trillion.
It is partly designed to finance an emergency package of measures for creating a society enabling dynamic engagement by all citizens, advocated by Prime Minister Shinzo Abe.
The measures include a program to provide ¥30,000 in welfare benefits per head to a total of about 11 million low-income elderly people in an effort to stimulate consumer spending.
The budget also calls for expenditures aimed at propping up agriculture in the country, after Japan, the United States and 10 other countries reached a broad accord on the Trans-Pacific Partnership free trade pact in October.
The TPP-related spending will cover measures to boost the productivity of Japanese farmers, including farmland consolidation and the region-wide introduction of livestock farming facilities.
The extra budget will mainly be financed with ¥1.899 trillion in tax revenue excess over the government’s projection in the fiscal 2015 regular budget.