Japan’s cabinet has approved an economic stimulus package

Japan’s cabinet has approved an economic stimulus package worth 275 billion dollars in attempt kick-start the economy and boost growth of the world’s third-largest economy. 
•    Decision in this regard was Japanese Cabinet meeting chaired by Prime Minister Shinzo Abe in Tokyo. 
•    The Japanese government expects that this package will boost gross domestic product (GDP) by 1.3%. 
•    The economic stimulus package of measures aims at tackling deflation and strengthening the national economy of Japan. 
•    It includes increase expenditure for the national and local governments as well as significant investments in the country’s infrastructure. 
•    It also includes in a supplementary budget, which will be considered by an extraordinary session of Parliament starting in September. 
•    It also will provide support of small and medium-sized enterprises in Japan over the next two years. More than half of package sum has been earmarked for the current fiscal year. 
•    The package also includes spending on reconstruction of disaster zones, including parts of north-eastern Japan which were devastated by 2011 earthquake and tsunami.