Japan announced further stimulus measures totaling JPY 28.1 trln

The much-awaited Japanese economic stimulus package was finally announced earlier Tuesday. Following are the details:

Stimulus measures totaling JPY 28.1 trln

Fiscal measures total JPY 13.5trln 

JPY 7.5 trln in national/local govt spending

JPY 6 trln in fiscal investment and loans

Speaking in Tokyo, the Japanese economy minister Ishihara said that Japan's economy lacks strength in spending and investment and the government won't do wasteful public works projects. He added that it is important for government and BOJ to co-operate on economic policy.

Japanese government spokesman Suga was also on the wires, noting that stimulus package is aimed at accelerating exit from deflation. Government expects the measures to push up real GDP by 1.3 percent in near term.

The yen witnessed fresh buying pressure triggered by disappointment after the Japanese government announced JPY 28 trillion stimulus package. USD/JPY broke 102 support zone opening scope for test of 100 levels.