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Japan passes $176 billion stimulus budget to tackle deflation

Published on Feb 26, 2013 5:07 PM
 
Japanese Prime Minister Shinzo Abe gestures as he answers a question at the Upper House's budget committee session at the National Diet in Tokyo on Tuesday, Feb 26, 2013. Japan's parliament on Tuesday passed a US$142 billion (S$176 billion) extra budget that forms a key part of Mr Abe's efforts to tackle the deflation that has dogged the economy for years. -- PHOTO: AFP

TOKYO (AFP) - Japan's parliament on Tuesday passed a US$142 billion (S$176 billion) extra budget that forms a key part of Prime Minister Shinzo Abe's efforts to tackle the deflation that has dogged the economy for years.

The 13.1 trillion yen (US$142 billion) package squeaked by the opposition-controlled upper house of parliament less than two weeks after the lower house approved the spending.

The measure is part of a wider stimulus package announced by Mr Abe's cabinet in January, after his Liberal Democratic Party swept to victory in December elections on a pledge to revive the world's third-largest economy.

The new money will be earmarked for various economy-boosting measures, including job growth, upgrading Japan's ageing infrastructure, and rebuilding disaster-struck areas hit by the 2011 quake-tsunami.

 
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