December 4, 2018 / 10:20 PM / 6 months ago

Japan to ramp up public works spending to decade-high next year -Nikkei

TOKYO, Dec 5 (Reuters) - Japan will spend over 3 trillion yen ($27 billion) to repair aged infrastructure over the three years through March 2021 and ramp up public works spending to a decade-high next year to ease the hit to the economy from next year’s scheduled sales tax hike, the Nikkei newspaper reported on Wednesday.

Of the total amount, the government will appropriate roughly 1 trillion yen in the state budget for next fiscal year that begins in April 2019, the paper said without citing sources.

That would put total public works spending for next fiscal year at around 7 trillion yen, up 20 percent from the previous year and the highest level in a decade, the Nikkei said.

$1 = 112.7500 yen Reporting by Leika Kihara; Editing by Lisa Shumaker

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