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Japan approves $224bn stimulus package
The Japanese Cabinet has approved a fresh stimulus package of more than 20 trillion yen ($224 billion), aiming to lift the economy out of recession and create 600,000 new jobs.
Prime Minister Shinzo Abe announced the decision on Friday at a news conference where he said the new measures were intended to add two percent to Japan’s real economic growth.
Abe urged the central bank to move more aggressively to encourage lending and meet a clear inflation target to break out of the economic doldrums that have plagued Japan for two decades.
Abe took office late last month after a parliamentary election victory by the Liberal Democratic Party, which is touting public works spending and subsidies to strategically important sectors as part of its plan to revive the economy.
“Unfortunately, the previous administration failed to work out how to boost growth and expand the economic pie,” Abe said.
“It is vital that we have an economic strategy that can create jobs and raise incomes to sustain growth.”
Abe, who also served as prime minister in 2006-2007, has vowed to make reviving the economy his top priority, promising support both to small businesses and big industries such as the auto sector.
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.
More: http://www.aljazeera.com/news/asia-pacif…terAccount
2013-01-10 21:03:50
Source: http://yeoldefalseflag.com/thread-japan-approves-224bn-stimulus-package
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