Japanese PM Abe confirms further economic stimulus on the way 11 July
- will instruct econ minister Ishihara tomorrow to compile econ stimulus package
- will implement economic measures to support domestic demand
- economic steps to encourage future investment
- will issue construction bonds to fund stimulus package, first time in 4 years
- economic steps to encourage 21st century infrastructure
- "let's make most of zero interest rate environment"
- will proceed with labour reforms
- global economy faces various risks
- must strengthen global co-ordination to address uncertainty and support world growth
- will accelerate exit from deflation as much as possible
- will consider scale of economic measures from here on
- doesn't think LDP constitutional draft will pass unchanged
Wires now confirming the earlier reports
Nikkei and yen pairs both higher but these new measures may not necessarily mean any BOJ easing.
USDJPY has run into offer/res at 101.50 and currently 101.36. Nikkei now up over 4.5%.
