• Kyodo

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Prime Minister Shinzo Abe’s Cabinet on Thursday approved an economic stimulus package worth ¥18.6 trillion in a bid to avoid a sharp economic downturn following the planned 3-percentage-point sales tax hike to 8 percent next April.

The government is expected to spend ¥5.5 trillion of the package, centering on measures to promote reconstruction work in areas hit hard by the March 2011 quake-tsunami disaster and new infrastructure investment ahead of the 2020 Tokyo Olympics.

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