Japan approves $224b stimulus package

TOKYO  -- The Japanese cabinet on Friday approved a stimulus package worth 20 trillion yen (about $224 billion), aiming to shore up Japan's current stagnant economy by beating chronic deflation and tackling the strong yen, Prime Minister Shinzo Abe told a press conference.

Abe said, "Beating deflation and curbing yen's appreciation is crucially important...the new stimulus package is expected to add two percent points to Japan's GDP growth."

The package will also create 600,000 jobs, said Abe.