The Main Stream

Nov 29, 2012 11:24 PM by Associated Press

Japan approves stimulus, hopes to boost economy

TOKYO (AP) - Japan has unleashed yet another barrage of stimulus at its stagnant economy, as debate over how to revive growth heated up ahead of a general election widely expected to deal a severe blow to the ruling Democratic Party.

Data for October, released Friday, showed an uptick in industrial output from the month before, the first increase in four months, but little else in the way of encouragement.

The opposition Liberal Democratic Party, which is pushing for more aggressive action to spur growth, is widely expected to make major gains in a Dec. 16 general election.

The latest stimulus package, totaling 880.3 billion yen ($10.7 billion) is earmarked mainly for spending on social programs, employment creation and support for small and medium-size enterprises.

The economy shrank 3.5 percent in July-September.


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