Monday, Japan's Finance Minister Kaoru Yosano told reporters after meeting with Prime Minister Taro Aso that the government intends to compile a new stimulus package worth 2% or more of gross domestic product. Accordingly, new fiscal spending would exceed 10 trillion yen. Details of the third package are likely to be finalized by April 10.
Elsewhere, a report from Japan's Economic and Social Research Institute showed that the leading index decreased to 75.2 in February from 77.2 in the previous month. Economists expected the indicator to come in at 75.3. At the same time, the coincident index declined to 86.8 from 89.5 in January.
Taiwan's consumer price index, or CPI, declined for the second consecutive month in March with a 0.15% year-on-year fall, the Directorate General of Budget, Accounting and Statistics said. Economists had expected a 0.6% fall for March following a revised 1.33% decline in February.
On a monthly basis, the CPI climbed 0.11% in March, while the core CPI rose 0.81% year-on-year. For the first quarter, consumer prices fell 0.01% annually.
Further, the wholesale price index, or WPI, fell 0.12% month-on-month and 9.20% annually in March. In the first quarter, the WPI dropped 9.77% compared with the same period of the previous year, of which the import and export price index declined 11.64% and 6.64%, respectively.
Producer prices in the Philippines rose 2.7% year-on-year in February, slowing from a revised 3.3% increase in the previous month, the National Statistics Office said. Month-on-month, producer prices fell 0.1% in February, compared to a revised 2.5% decline in January, mainly due to prices falling in seven of the major sectors.
In other news, the Reserve Bank of India governor Duvvuri Subbarao said in a business conference that the country's fiscal year 2010 current account deficit is expected to widen.
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