Japan Doubles Size of Rescue Plan

The Japanese government has increased its stimulus plan another 23 trillion yen. This is an increase from the 27 trillion yen plan it passed in October. Half of the money will go to help stabilize financial markets. The Japanese yen soared to a new high, hurting the stocks of the country’s exporters.

The new plan also includes 10 trillion yen for tax breaks and public financing projects. The prime minister has said, “The economy has worsened beyond our expectations.” Japanese companies are closing and decreasing their workforce due to the decline in global demand and the rising yen.