Japan launches new stimulus program

The Japanese government has approved a stimulus package of more than $100 billion in an attempt to spur a revival in its economy.

The 10.3 trillion yen ($109 billion) package will include infrastructure spending, as well as incentives for businesses to boost investment.

The government says the stimulus is likely to boost Japan's gross domestic product by 2 percentage points from what it would otherwise have been.

Authorities hope the measures will also generate around 600,000 jobs.

Japan's economy, the third largest in the world, has been hurt by a dip in exports amid slowing global demand.

The stimulus announcement has pushed the Australian dollar up against the yen - at 4:12pm (AEDT) it was buying 94.25 US cents.

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    0.9327-0.0005-0.05%
    AUDUSD=X
    0.5555-0.0003-0.05%
    AUDGBP=X
    0.6753-0.0003-0.05%
    AUDEUR=X
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