22 May '11, 6am

Japan may need to spend up to $227 billion on quake reconstruction, its Economics Minister said

Japan may need to spend up to $227 billion on quake reconstruction, its Economics Minister said

Fishing boats damaged by the March 11 earthquake and tsunami are collected in Soma, Fukushima prefecture. Japan on Sunday said that the government may need to spend 10 trillion yen (S$227 billion) for reconstruction. -- PHOTO: REUTERS TOKYO - JAPANESE Economics Minister Kaoru Yosano said on Sunday the government may need to spend 10 trillion yen to 15 trillion yen (S$227 billion) for reconstruction from the devastating earthquake that hit the country's north-east in March. The government may need to issue bonds to meet the costs but should not do so without coming up with ways to pay for redemption, Mr Yosano said, signalling that some form of tax hike would be inevitable. 'I understand those who say we need to issue bonds for quake (reconstruction). But we shouldn't borrow recklessly without thinking about how to pay the money back,' Mr Yosano told a television programme....

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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