BREAKING NEWS

Japan readies package for Trump to help create 700,000 US jobs

By REUTERS

FEBRUARY 3, 2017 10:36

TOKYO - Japan is putting together a package it says could generate 700,000 US jobs and help create a $450-billion market, to present to US President Donald Trump next week, government sources familiar with the plans said.

The plans, to be unveiled when Prime Minister Shinzo Abe visits Trump on Feb. 10 in Washington, envisage investments in infrastructure projects such as high-speed trains and cybersecurity, said the sources, who declined to be identified as they were not authorized to speak to the media.

Investing in overseas infrastructure projects dovetails with a key plank in Abe's growth strategy, which is to export "high-quality" infrastructure technology.

The government may tap its foreign exchange reserves account to fund part of the package, the sources said.

It may also get funding from megabanks and government-affiliated financial institutions, as well as the Government Pension Investment Fund, the Asahi and other newspapers reported.

However, GPIF President Norihiro Takahashi said on Thursday there was no truth to reports that the Fund would invest as a part of the government package, adding that the Fund made its investment decisions to benefit policyholders.

Domestic media said Japan would provide public and private infrastructure investment worth 17 trillion yen ($150 billion). ($1=113.0100 yen)

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