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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan set for 150 bln dlr stimulus spending AFP - 2 hours 30 minutes ago TOKYO (AFP) - - Japan's ruling party approved a record stimulus spending plan of more than 150 billion dollars to rescue Asia's biggest economy as fresh data revealed an unexpected boost in manufacturing. ADVERTISEMENT The 15.4 trillion yen injection -- about three percent of economic output -- would be part of a wider package worth over 56.8 trillion yen (570 billion dollars), when tax cuts, loan guarantees and other measures are included. Prime Minister Taro Aso was this week expected to announce the stimulus plan, which includes money for solar power generation, payments for laid off non-permanent workers, and new spending on medical and nursing care. The package will also see more than two trillion yen spent on kicking off a "low-carbon revolution" promoting solar power use, energy-saving vehicles and consumer electronics, a ruling party panel said. It would also raise the tax-free amount of money parents can give to their children as gifts -- a bid to tap the substantial savings of Japan's growing elderly population to boost residential property purchases. The report said that after the asset bubble burst in the early 1990s, "the Japanese economy staged an export-led 'single-engine' recovery that assumed the world economy will continue high growth." "Now that this assumption has collapsed... it is no longer realistic to expect that Japan will be able to go back to the growth path by depending on exports of conventional goods," the report said. Japan's economy logged its worst performance in almost 35 years in the last quarter of 2008, shrinking at an annualised pace of 12.1 percent. Analysts expect another sharp contraction in the first quarter of 2009. Plummeting worldwide demand for Japanese cars, machinery and high-tech goods has put Japan on course for its worst economic slump since World War II. The current account surplus more than halved in February from a year earlier as exports plunged, data showed Wednesday, though that was an improvement on a record deficit logged the previous month. But in rare piece of good news Thursday, machinery orders -- a leading indicator of corporate capital spending -- unexpectedly jumped in February from a month earlier, ending a record four months of declines. Core private-sector orders, which exclude volatile demand from power companies and for ships, rose 1.4 percent in February from the previous month. The rise reversed a 3.2 percent month-on-month fall in January and came after an average market forecast of a drop of 7.9 percent. "The latest data defied market expectations in a positive way," said Hiroshi Watanabe, economist at Daiwa Institute of Research. Machinery orders recovered as factory output bounced back after drastic production cuts in recent months had reduced inventory stockpiles, he said. "This indicates that sharp falls (in orders) are likely to come to an end in coming months. But it's questionable that they will go up," he said. The government said core machinery orders are likely to have risen 4.1 percent in the three months to March from the previous quarter, a turnaround from a 16.7 percent plunge in the October-December period. Watanabe, however, cautioned against excessive optimism. "We can't say the economy is breaking out of recession just yet," he said. "It is still likely to keep wallowing at the deep bottom." Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Tsang says Hong Kong ready to use yuan for tradeAP - 2 hours 5 minutes ago Australian jobless rate at five-year highAFP - 2 hours 6 minutes ago Japan set for 150 bln dlr stimulus spendingAFP - 2 hours 30 minutes ago Asian markets rally on Japan stimulus, better dataAP - 2 hours 40 minutes ago Related Articles: Business Nintendo says Wii losing lustre but no price cutAFP - 1 hour 16 minutes ago TOPWRAP 2-Japan details record stimulus plan, banks struggleReuters - 1 hour 28 minutes ago Nintendo to launch new Wii Sports in JuneReuters - 1 hour 28 minutes ago S.Korea holds rates again, easing cycle seen endingReuters - 1 hour 28 minutes ago PREVIEW-India midcap IT firms' Jan-March profit seen lowerReuters - 1 hour 31 minutes ago Enlarge Photo Japan set for 150 bln dlr stimulus spending Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Harry Potter actor arrested over cannabis find Israeli Jews hold rare prayer to bless the sun Journalists get shock with 'sexy' White House call German, Japanese data jolts investors UN sounds warning after Antarctica ice shelf rips View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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