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Abe has urged Japan's central bank to do whatever it takes to meet an inflation target of 2 percent to counter a persisting cycle of sinking prices and weak demand. The spending package expected Friday is due to form the basis of a supplementary budget for the remainder of the fiscal year, which ends March 31. Abe has said he plans to draft a budget for the next fiscal year by the month's end. "The government and the ruling party will continue to effort to get (Japan) out of stubborn deflation and high yen, increase jobs and the people's income," Abe said later Thursday at a special meeting attended by his party executives and Cabinet ministers trying to finalize the package. Local media reports said the proposed spending package includes 10.3 trillion yen ($117 billion) in extra outlays by the central government. Abe's administration is pledging to spend 19 trillion yen ($216 billion) through 2015 in support for reconstruction of the coastal areas devastated by the March 2011 disasters.
The change of administration has raised hopes that Abe's more aggressive approach might help Japan escape recession. "We hope the promised growth strategy will be implemented as soon as possible," Yasuchika Hasegawa, chairman of the Japan Association of Corporate Executives, told reporters this week at the group's annual new year party.
[Associated
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