Japan Cabinet OKs new stimulus package to pump up growth

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

Chief Cabinet Secretary Yoshihide Suga announced that the Cabinet endorsed the package today. 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 per cent. 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 today that the package is "an investment for the future."