Japan subsidizing energy-efficient plants
JAPAN - Japan's government plans to subsidize domestic plants producing clean-energy and energy-efficient goods under steps to support the slowing economy, the Nikkei newspaper said, as the murky outlook keeps firms from boosting spending at home.
A strong yen is putting additional pressure on Japan's fragile economy, which is already seeing slowing growth and mired in grinding deflation, forcing the government to consider drafting a package of stimulus measures.
In a draft version of the stimulus package, the government plans to subsidize investment in domestic plants manufacturing goods such as lithium battery cells for electric vehicles, the Nikkei said.
Another proposal is to extend the deadline for subsidies aimed at encouraging households to purchase energy-efficient consumer electronics, the paper said.
It will also extend a housing loan program, which was scheduled to end this year, that reduces annual interest on 35-year fixed-rate loans for energy-efficient and quake-resistant homes.
Economics Minister Satoshi Arai has submitted the draft stimulus plan to Prime Minister Naoto Kan.
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Major leaks struck two underwater natural gas pipelines running from Russia to Germany, with experts reporting that explosions rattled the Baltic Sea beforehand.
Norway -- an oil-rich nation and Europe's biggest supplier of gas -- will strengthen security at its land and offshore installations, the country's energy minister said.
The Scandinavian country's Petroleum Safety Authority also urged vigilance on Monday after unidentified drones were seen flying near Norway's offshore oil and gas platforms.
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