The Economy, Trade and Industry Ministry has stopped accepting applications for its second eco-car subsidy program two months later than expected.
It ended the program because applications had reached 99 percent of its 274.7 billion yen budget as of Friday, leaving about 2.5 billion yen of funds for the subsidies. Under the programs, applications made after the subsidies reach their budget limit are rejected.
Because the ministry calculated the total value of subsidies was highly likely to exceed the budget by Monday, when applications made over the weekend are to be submitted together, it decided to make Friday the last day for applications.
The ministry received subsidy applications for about 2.88 million vehicles.
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(Jiji Press )