Japan cabinet passes extra budget for stimulus

Japan's cabinet today approved an extra budget to cover a new emergency stimulus package worth $61.8 billion to help shore up an economy hit hard by deflation and the impact of a strong yen.

The plan of more than five trillion yen will be financed by the extra budget, which will have to pass parliament where Prime Minister Naoto Kan's ruling party lacks a clear majority.

The stimulus is the Kan administration's second since it came to power in June and includes job programmes, welfare spending and programmes for small businesses and infrastructure.
    
It also includes provisions to find new sources of rare earth minerals used in high tech components for cars and computers.