Japan Cabinet approves 5 trillion yen in new economic stimulus measuresBy AP
Thursday, October 7, 2010
Japan Cabinet OKs 5 trillion yen economic stimulus
TOKYO — The Japanese Cabinet has approved 5.05 trillion yen ($61 billion) in new measures to stimulate the country’s economy.
The stimulus package approved Friday is aimed at halting the yen’s rise and battling deflation.
Recent economic indicators in Japan have shown deteriorating exports, industrial production and corporate sentiment.
The country has already implemented a 915 billion yen stimulus package, and its central bank has recently moved to cut its key interest rate to near zero and stem the yen’s rise by intervening in currency markets.
The stimulus package is to be included as part of a supplementary budget that will be submitted for debate in parliament later this month.