News Summary: Japan revs up economic stimulus

Japan revs up stimulus engines, hoping to restore growth with spending on defense, innovation

Associated Press

STIMULUS PLAN: Japan's ruling Liberal Democratic Party and its government were in the final stages of drafting fresh stimulus spending Thursday reportedly totaling more than 20 trillion yen ($227 billion), rushing to fulfill campaign pledges to break the world's third-biggest economy out of its deflationary slump.

THE DETAILS: The bulk of the spending package would go to support industrial revitalization and reconstruction from Japan's March 2011 earthquake and tsunami disasters. It also includes a request to raise military spending.

THE BACKGROUND: Prime Minister Shinzo Abe took office last month vowing to make reviving the economy his top priority.

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