Japan unveils $117 billion stimulus package to boost economic growth

Last Updated: Fri, Jan 11, 2013 10:20 hrs

Japan, battered by weak exports and recession, has unveiled a 117 billion dollars fiscal stimulus package in a bid to boost growth.

The measure will increase spending on public works, disaster recovery and provide aid to smaller businesses.

The plan is part of newly installed Prime Minister Shinzo Abe's effort to get the country's economy back on track with a combination of increased government spending and monetary easing, CNN reports.

According to the report, on Friday, Abe said that 'beating deflation and curbing the yen's appreciation is crucially important' and that a 'daring monetary policy is essential'.

While 117 billion dollars in fiscal stimulus was announced Friday, total stimulus funds now exceed 226 billion dollars when local and private sector funding is counted, the report said.

According to government estimates, the new stimulus package could boost Japan's GDP by two percent and create 600,000 jobs, it added. (ANI)

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