Japan Unveils $224 Billion Stimulus Package
The Japanese Cabinet approved a fresh stimulus package of more than 20 trillion yen, or $224 billion, on Friday, aiming to lift the economy out of recession and create 600,000 new jobs. Prime Minister Shinzo Abe announced the decision at a news conference where he said the new measures were intended to add 2% to Japan’s real economic growth.
The spending package includes 10.3 trillion yen ($117 billion) in extra outlays by the central government. Abe’s administration is pledging to spend 19 trillion yen ($216 billion) through 2015 in support for reconstruction of the coastal areas devastated by the March 2011 disasters.
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