Japan announces $275 billion stimulus package

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Source: AP

TOKYO: The Japanese Prime Minister Taro Aso announced a ¥27 trillion, or $275 billion, stimulus package to shore up the world's No. 2 economy Thursday, vowing to dispel fears over the global financial crisis with expanded credits for small businesses and a cash payback to every household.

Aso said Japan's economy was hit by "a tempest that comes once in 100 years" and his government would muster all its efforts to help the country weather "a financial disaster."

"We understand that the most important thing is to assure the security of average households," the prime minister told a news conference as he introduced the economic package.

"The purpose of the package is not to merely spur one-off demand. It is to generate solid economic growth by steady domestic demand," he said.

Read more: http://www.iht.com/articles/2008/10/30/business/30japan.php