The Democratic Party of Japan, the country’s ruling majority, is pushing for an additional USD23 billion in Japan’s budget for the coming fiscal year. In a budgetary proposal submitted to Prime Minister Naoto Kan’s office, the party urged for the additional funds, which it said were necessary to encourage consumption and promote job creation. The proposal further instructs policymakers to raise the money through cost cuts such as eliminating a few existing programs and curbing budgetary waste, the Wall Street Journal reports.
Meanwhile, Japanese exports reportedly rose in June but at a pace slower than in previous months. Several analysts have noted that the slowdown hints at potential backlogs in Japan’s economic recovery. Some added that exports could slow down over the next few months as increases in the value of the yen begin to take their toll, BBC reports.