The nation's business leaders on Friday welcomed the economic stimulus package approved by the Cabinet, with the head of the largest business lobby saying a broad range of steps was compiled swiftly.
"It was well-timed, as wide-ranging measures were taken with a sense of speed," Hiromasa Yonekura, chairman of Keidanren, said in a statement.
He urged Prime Minister Shinzo Abe's government to make sure the effects of the stimulus measures appear soon.
Yasuchika Hasegawa, chairman of the Japan Association of Corporate Executives, also welcomed the package, saying in a statement, "I appreciate that the measures include not only public spending but also a tax system to stimulate consumption and investment."
Japan Chamber of Commerce and Industry Chairman Tadashi Okamura said, "the package has many elements that will support small and midsize businesses as well as stimulate local economies."
The new package is aimed at creating sustainable economic growth by encouraging private investment, boosting the global competitiveness of Japanese companies and carrying out large-scale public works projects.