The Japanese economy is about to get a big boost. The new government in Tokyo has unveiled a $224 billion stimulus plan in its latest bid to support the world’s number three economy. The money will be spent on rebuilding areas hit by the devastating 2011 tsunami and beefing up the country’s military.
Stimulus spending was one of the election pledges of Prime Minister Shinzo Abe, who was swept into office in a landslide victory last month. This package is the latest in a series made by successive governments. However, according to the BBC’s Rupert Wingfield-Hayes in Tokyo, the sheer size of the plan will give the Japanese economy a significant shot in arm.
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