Japan Cabinet OKs new stimulus package to pump up growth

Published August 02, 2016

FILE - In this Thursday, June 28, 2016 file photo, shoppers walk next to a clothing shop in Tokyo. Japan's Cabinet has approved a fresh economic stimulus package worth more than 28 trillion yen ($275 billion) to help revive the country's stalling growth. Chief Cabinet Secretary Yoshihide Suga announced that the Cabinet endorsed the package Tuesday, Aug. 2. It will be included in a supplementary budget for consideration by the parliament's extraordinary session starting in September. (AP Photo/Eugene Hoshiko, File) (The Associated Press)

Japan's Cabinet has approved a fresh economic stimulus package worth more than 28 trillion yen ($275 billion) to help revive the country's stalling growth.

Chief Cabinet Secretary Yoshihide Suga announced that the Cabinet endorsed the package Tuesday. It will be included in a supplementary budget for consideration by the parliament's extraordinary session starting in September.

The package aims to push up Japan's GDP by 1.3 percent.

It includes improved wages for child and elder care workers and support for small-scale companies and low income families. It also provides more spending on infrastructure for tourism and for reconstruction of disaster zones, including parts of northeastern Japan devastated by an earthquake and tsunami in 2011.

Prime Minister Shinzo Abe said earlier Tuesday that the package is "an investment for the future."

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