Following the faltering and failing Keynesian practices of America and Europe, Japan announced it has approved yet another stimulus package, this one valued at over 20 trillion yen ($224 billion).
New Japanese Prime Minister Shinzo Abe said the goal of the stimulus is to boost annual economic growth in Japan by two percent. He also wants to add 600,000 new jobs in the process.
The usual but tired idea of government infrastructure projects as the method to grow the Japanese economy our of its ongoing recession.
Most of the money will allegedly be used in relationship to the recent tsunami and earthquake of 2011, where reconstructing the areas hit the hardest by it will be the priority.
In reality this has a lot to do with the battle of central banks, where the decision by the Federal Reserve to have open-ended stimulus has caused other competing nations to respond in kind so their currencies don't rise too high against the U.S. dollar.
That means they don't want exports to plunge, which would hurt the domestic markets of Japan and other nations.
The new prime minister, who also served in that capacity in 2006-2007, told the central bank of Japan to take whatever steps are necessary to raise the inflation rate to two percent.