Prime Minister Shinzo Abe's Cabinet approved on Thursday an economic stimulus package totaling ¥26 trillion ($239 billion), to support a slowing domestic economy in the face of flagging global growth and a potential impact from the recent tax hike.
The first stimulus package in three years centers on measures to spark consumer spending, by promoting cashless payments as well as spending on public works to bolster infrastructure in the wake of the recent string of natural disasters, the government said.
"We have crafted a powerful policy package aimed at ... helping overcome economic downside risks," Abe said in a meeting with senior officials of his government and the ruling parties.