Nation Bulletin

Plummeting oil prices devastate Japanese economy, National Diet passes 200m construction bill.

As oil prices plummet 15%, many laid-off workers have called for more action from the government.

By NHK Newsline
06/15/2021 06:36 am
Updated: 06/15/2021 06:48 am

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Due to mounting pressures from the public, the Japanese government, which had been reluctant to intervene in the free market economy, has unanimously passed a $200 million (¥22 billion) construction bill, with massive increases in infrastructure spending, faster completion of national projects and construction of more cities over the next 150 days, this move comes as oil prices have plummeted 15%, devastating the export-oriented Japanese economy and putting the nation in major economic recession.