Japan approves new $267 billion economic stimulus package.
On January 10, Prime Minister Shinzo Abe approved a new economic stimulus package worth more than 20 trillion yen (US$227 billion) to help Japan escape its current state of chronic deflation.
Japanese Prime Minister Shinzo Abe has approved a new economic stimulus package worth more than 20 trillion yen.
This information was released by Minister of Economic Recovery Akira Amari after a meeting with Prime Minister Abe this morning, according to Kyodo. During the meeting, Abe received a brief report on the emergency policy package, which is expected to be officially approved by the Japanese cabinet tomorrow, January 11th.
Minister Amari said the prime minister had asked that the financial measures be "easy for the public to understand" and ensure sufficient effectiveness to help the new government achieve its goal of revitalizing the world's third-largest economy.
Previously, on January 8th, the Asahi Shimbun reported that a portion of the aforementioned economic stimulus package would be used for large-scale public projects aimed at strengthening social infrastructure and mitigating damage from natural disasters. Another portion would be used to establish strategies to stimulate private sector investment and create sustainable development.
An industrial competitiveness council, under the authority of the economic reconstruction agency, was also established to develop a development strategy.
According to Tuoi Tre - TH
