Go Finance Reporting in TOKYO - Japan is currently considering issuing special bonds to fund reconstruction after last month's massive earthquake and tsunami, and impose new taxes to pay debt.
Quoted from AFP on Saturday (04/16/2011), daily in Japan, the Nikkei said the new bonds will be used to finance the reconstruction of infrastructure, create jobs, and support local business.
Prime Minister of Japan, Naoto Kan said he was glancing at the initial budget of more than four trillion yen ($ 48 billion) to finance the reconstruction of the first wave in northeastern Japan.
According to Japan's cabinet office, the total cost of collapsed or damaged houses, factories and infrastructure such as roads and bridges is estimated at 16-25 trillion yen.
However, the borrowing of funds has become a controversial thing in Japan. Where Sakura country has reached its highest debt levels in the industrialized world, which is approximately 200 percent of gross domestic product (GDP).
(GoFinance)
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