Japan DPJ Okada: Government Should Look To Sell Some Japan Tobacco, NTT Shares

Source from:  Fox Business 08/04/2011

TOKYO -(Dow Jones)- The Japanese government should look to sell some of the shares it owns in Japan Tobacco Inc. (2914.TO) and Nippon Telegraph & Telephone Corp. (9432.TO) to raise money needed for reconstruction from the March 11 earthquake and tsunami, the No. 2 official in the ruling Democratic Party of Japan said Wednesday. The government owns 50.01% of Japan Tobacco and a 36.62% of NTT. Okada said that while the government was looking at asset sales and expenditure cuts to raise money for the reconstruction budgets, tax increases may also be needed to finance the extra spending. The government is expected to propose a new spending package of Y10 trillion in addition to a recently approved Y2 trillion program, for which borrowing and asset sales would likely be required. Enditem