Japan Unveils $107.8 Billion Stimulus Plan

The Japanese government unveiled a $107.8 billion stimulus package Friday to boost the economy, officials said.

The package was expected to ease the impact of rising energy and raw material costs, Kyodo reported in Tokyo.

The package, endorsed by Japanese Prime Minister Yasuo Fukuda, focuses on aid in the form of government-backed loans and tax breaks for smaller companies and households suffering from higher gasoline and food prices.

”Global rises in crude oil and food prices are seriously affecting people’s lives,” Fukuda told a meeting of relevant Cabinet ministers. ”It is necessary to watch the daily lives of ordinary citizens and quickly respond to their pain and concerns.”