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Japan should extend the maximum period foreign nationals can stay in the country to eight years from the current cap of five to secure highly skilled workers, and boost jobs by 5 million by creating an environment that encourages the elderly and married women to take up jobs, a government advisory panel said Wednesday.

The Council on Economic and Fiscal Policy, chaired by Prime Minister Shinzo Abe, on Wednesday finalized the draft, which will guide economic policy measures to be worked out by a reshuffled new Abe Cabinet, expected to be inaugurated in October, the Nikkei newspaper reported Thursday, without citing a source.

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