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Thursday, 30th October 2008
In Business In Japan,

Aso unveils 27 trillion yen economic stimulus package

Japan has announced a 27 trillion yen (£166 billion) stimulus package for the country's economy.

Unveiling the package, prime minister Taro Aso said the financial outlook was bleak and the move was intended to shore up the Japanese economy - the second largest economy in the world.

"Our financial system is overall more firm than that in the west," he said, adding: "We understand that the most important thing is to assure the security of average households."

Mr Aso also said the country was facing the kind of financial storm that rears its head only once every century, reports Bloomberg.

Kazutaka Kirishima, an economics professor at Josai University in the north-west of Tokyo, described the move as "more election measures than economic measures".

Earlier this week, Tokyo stocks fell to a low unseen for 26 years, while the country's exports were hit by the increasing strength of the yen, reports Forbes.

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