Japan will spend 15 trillion yen to help contract workers and small businesses

It has been revealed that Japan's ruling Liberal Democratic Party was seeking a new stimulus package involving 15 trillion yen ($150.4 billion) with the aim of helping contract workers and small businesses, boosting regional economies, expanding "green" technologies and supporting elderly care recovering from the recession. 

The measures would equivalent to 3 percent of the country's gross domestic product. If approved, the spending will make Japan's biggest-ever supplementary budget, said Kyodo news agency. The agency added that the total size of the extra budget might even top 56 trillion yen.

The spending budget represents 50 percent increase from the $99 billion package ordered by Prime Minister Taro Aso. The prime minister wanted the spending to exceed 2 percent of GDP. Moreover, he has repeatedly emphasized that restoring Japan's economy was the top priority of his government. 

Part of the budget is expected to be spent on incentives to encourage car purchases. The country is considering a project which would include a total of 250,000 yen ($2,490) to consumers who trade in a car of 13 years or older for a more fuel-efficient car.

It has not yet been disclosed where the government plans to find extra money. However, Aso had told that in case there was a need issuing bonds would be returned to. Moreover, Local media expects special reserve funds to be used for this aim as well.