Japan readies package for Trump to create 700,000 U.S. jobs

by | February 3, 2017 1:59 pm

Japan is putting together a package it says could generate 700,000 U.S. jobs and help create a $450-billion market, to present to U.S. 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 cyber-security, said the sources, who declined to be identified as they were not authorised 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 mega banks and government-affiliated financial institutions, as well as the Government Pension Investment Fund, the Asahi and other newspapers reported.

However,Government Pension Investment Fund 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 dollars).


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