Economic recession, now in its seventh year, has left many Japanese apprehensive about their future. Eisuke Sakakibara, Japan's outspoken vice minister of finance, dismisses his countrymen's apprehension as "irrational pessimism" and predicts all this will change with the adoption of a massive stimulus package.

The newly unveiled plan comprises measures valued at $128 billion. Though the bulk of the package takes the form of public spending, Japanese households will eventually come into some $30 billion in tax cuts and credits. The government is projecting a 2% increase in nominal gross domestic product in the first year of the plan's implementation.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.