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Japan PM calls for snap election, readies $24 bil package

Bloomberg Published on Mon, Sep 25, 2017 / 7:18 PM GMT+8

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(Sept 25): Japan’s Prime Minister Shinzo Abe said he’ll dissolve the lower house of parliament on Sept 28 for a general election as he announced an US$18 billion ($24.3 billion) economic package.

At a press conference Monday, Abe unveiled a slew of economic measures including more education spending. He said he’d pay for them with funds from a consumption tax increase originally intended to rein in the nation’s swollen debt. He also spoke about the need to keep up pressure on North Korea after Kim Jong Un’s regime fired two missiles over Japan in recent weeks.

"To increase investment in future generations, I decided today to change the way we had promised to use the sales tax," Abe said. "I am changing a pledge that was made to the public, and one that affects people’s livelihoods, so I must swiftly seek the will of the people."