News Summary: Japan Cabinet OKs budget

News Summary: Japan OKs $1 trillion budget for FY2013, hiking public works, defense spending

Associated Press

YEN TO SPEND: Japan's Cabinet endorsed a record 92.6 trillion yen ($1.02 trillion) budget for the coming fiscal year that would increase defense spending for the first time in 11 years and boost public works.

RISING SON: Prime Minister Shinzo Abe has pledged to do whatever it takes to get the economy out of recession and restore sustainable growth, through both strong stimulus spending and monetary easing.

CHINA WATCH: The 4.75 trillion yen in proposed defense spending is partly aimed at beefing up Japan's coastal and marine surveillance around islands also claimed by China and Taiwan.

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