Prime Minister Shinzo Abe's Cabinet approved an economic stimulus package worth ¥28.1 trillion on Tuesday to pull Japan out of deflation and shore up the economy with infrastructure investment and enhanced welfare services.
Abe revealed the overall size of the package in a speech last week, saying more investment was needed to expand the world's third-largest economy. He said funds would be used to provide better port facilities for cruise ships and accelerate the construction of a high-speed maglev train line.
"Not only to stimulate immediate demand, we aim to pursue sustainable economic growth led by private demand and ensure the creation of a society" in which all people can play active roles, Abe told a meeting of the government and ruling parties Tuesday.