Japan OKs $224B economic stimulus package

January 10, 2013 • Business

In this photo taken Monday, Jan. 7, 2013. Japanese Prime Minister Shinzo Abe, second from right, arrives for Japan’s business organizations’ joint New Year’s party in Tokyo. Japan’s ruling Liberal Democratic Party was in the final stages of drafting fresh stimulus spending Thursday, Jan. 10, reportedly totaling more than 20 trillion yen ($227 billion), rushing to fulfill campaign pledges to break the world’s third-biggest economy out of its deflationary slump. Economy minister Akira Amari and Abe discussed details of the proposed stimulus package ahead of an announcement expected on Friday, officials said. (AP Photo/Shizuo Kambayashi)

TOKYO (AP) — The Japanese Cabinet approved a fresh stimulus package of more than 20 trillion yen ($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 percent to Japan’s real economic growth.

Abe urged the central Login to read more

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