Japan steps harder on fiscal pedal

The Japanese cabinet has approved an additional $54 billion fiscal spending package to try to ease the deepening recession in the world's second largest economy.

The finance ministry announced on Saturday that it aims to increase the fiscal stimulus even further, after unveiling a $255 billion spending programme a week earlier.

The fiscal measures come a time when monetary policy has also been relaxed. On Friday, the Bank of Japan cut its benchmark interest rate to 0.1% and announced that it

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