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Fuel efficiency subsidies seen stimulating green car demand

The Japanese government has set in place new subsidies for the sales of fuel-efficient vehicles in the country. Starting June 19, 2009, the government will accept applications for the subsidies, which would enable citizens to receive ¥250,000 (US$2,606) in exchange for scrapping a vehicle that is at least 13 years old and buying a new, more fuel-efficient car. Meanwhile, buyers who will not scrap an old car are entitled to receive ¥100,000 (US$1,042). (June 19, 2009)