Japan government approves US$115.7 billion stimulus

Japan has approved a US$116 billion economic stimulus package. 

The government has also vowed to beef up ties with the Bank of Japan in the latest efforts to defeat long running deflation and prop up the weakening economy. 

The economic package includes public works for disaster preparedness and agricultural support, and ways to promote private investment by loosening regulations. 

The administration of Prime Minister Shinzo Abe said the package should push up gross domestic product by 2 percentage points. 

Mr Abe has repeatedly said ending deflation is important, and has signalled his hopes that the central bank will double its inflation target to 2 percent.