Japan approves $5.3 bn stimulus budget
- Published: 26 Oct 2012 at 13.24
- Online news: Asia
TOKYO - Japan on Friday approved a US$5.3 billion cash injection to boost the stuttering economy, a move likely to add pressure for more central bank measures with a general election on the horizon.
In a package that earmarked cash for the coastguard amid an island dispute with China, the cabinet agreed the 422.6 billion yen in emergency spending, with money to be coming mainly from reserve funds rather than new debt.
"We hope the package will lead to an exit from deflation and jumpstart the economy," Chief Cabinet Secretary Osamu Fujimura told reporters Friday in Tokyo, referring to the falling prices that have plagued Japan for years.
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