Japan Approves New $5.3 Billion Stimulus

Japans Cabinet approved a 423 billion yen $5.3 billion economic stimulus package on Friday, moving to fend off recession as the recovery in the worlds third biggest economy falters.

The emergency spending package, which is double the size originally expected, is also meant to help make up for lost momentum from reconstruction in the region devastated by the March 2011 earthquake and tsunami.

Prime Minister Yoshihiko Nodas leeway to boost spending is limited by a legislative standoff preventing issuance of deficit-covering bonds. Noda has ordered the government to draft further measures to boost growth by next month.

Read the rest of the story: Japan approves new stimulus for ailing economy.

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