some here now." convenient and delicious." Hundreds queued outside Kentucky Fried Chicken (KFC) branches in Tokyo, Wednesday, in anticipation of the chain's annual Christmas menu. Christmas is not a national holiday in Japan, but due to a successful marketing campaign, many Tokyo locals have been eating at the KFC's various outlets every Christmas for the last 40 years. Many even pre-order their dinners up to two months in advance. The tradition began in 1974 after an expat, unable to find turkey during the holidays, decided to settle for chicken at a KFC outlet in Aoyama. An employee reportedly saw the potential market for a yuletide menu, kicking starting the company's "Christmas Chicken" campaign.
Japan's Prime Minister Shinzo Abe speaks is planning about 3.5 trillion yen ($27 billion) in fresh stimulus, including subsidies and job-creating programs, to help pull the world's third-largest economy out of recession. Picture: AP / Shizuo Kambayashi Source: AP
JAPANESE Prime Minister Shinzō Abe is planning about Y3.5 trillion ($37 billion) in stimulus, including subsidies and job-creating programs, to help pull the world's third-largest economy out of recession.
Officials on Friday said details of the plan would be approved by the Cabinet on Saturday as it wrapped up work for 2014. The plan reportedly includes 420 billion yen in help for stagnant regional economies.
Abe took office for a third term on Wednesday and faced strong pressure to do something to restore growth after a sales tax hike in April put Japan back in recession.
Data released on Friday showed inflation eased slightly in November as household spending dropped, hindering the government's effort to get the economy out of recession and back to sustainable growth.
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A pedestrian checks her mobile phone in front of next year's "Year of the Sheep", part of a display window at a department store, in the Ginza shopping district of central Tokyo on December 26, 2014. Picture: AFP / Toshifumi Kitamura Source: AFP
Core consumer prices, excluding food, rose 2.7 per cent, while the inflation rate, excluding food and energy, was 2.1 per cent. The inflation rate was 2.9 per cent in October.
Overall incomes fell 1.1 per cent in November from a year earlier, while household spending was down 2.5 per cent.
Unemployment was flat at 3.5 per cent.
Abe's stimulus plan will focus on providing more support to lower income families and to Japan's regions where growth has stagnated, reports said on Friday.
Japan's central bank is buying up to 80 trillion yen in assets each month, mostly government bonds, to help spur inflation, but so far has not attained its target of two per cent price increases overall. Meanwhile, since wage increases have not kept pace with inflation, rising share prices and corporate profits have done little to stimulate consumer demand, apart from a rush of purchasing ahead of the April tax hike.
Shoppers walk down a busy street in the Ginza shopping district in central Tokyo on December 26, 2014. Picture: AFP / Toshifumi Kitamura Source: AFP
A large share of the proposed support for local governments will be handouts to local governments, to be used for shopping vouchers to entice people to spend more, local media reported.
The government will also provide funds to back loans to small and medium size businesses that have struggled with rising costs thanks to a weakening yen, which has boosted the prices Japanese pay for energy, food and other imported goods.
Another key aim is to ensure improved job prospects for younger Japanese in regions that are suffering severe population decline as jobseekers crowd into the cities.
Not all of the proposals enjoy universal support. Talk of tax breaks for companies that relocate offices out of Tokyo and into regional cities worries officials in the capital trying to boost investment in the city.
"Japan won't move forward unless Tokyo leads the country as a locomotive," the Jiji news agency cited Tokyo Governor Yoichi Masuzoe as saying in a recent interview. "Tokyo should not be regarded as evil."
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