Asia-Pacific

Japan passes $62b extra budget for stimulus

(Xinhua)
Updated: 2010-10-26 10:36

TOKYO - Prime Minister Naoto Kan's cabinet on Tuesday approved a draft supplementary budget for fiscal 2010 to partly finance a fresh stimulus package worth about 5.05 trillion yen ($62 billion).

Related readings:  Japan's exports rise 14.4 percent in September  Japan govt agrees on draft of 5.05t yen stimulus  Japan's central bank cuts key rate to around zero

The move is aimed at combating the impact of the increasing strength of the Japanese yen and spurring the deflation-plagued economy.

Following a 918 billion-yen package approved in September, the stimulus comes as the second in a series and reflects Kan's strong resolve to revitalize the Japanese economy which is afflicted with high unemployment, falling prices, weakening exports and sliding industrial output.

The new stimulus package will focus on boosting domestic demand and improving the business environment.