Japan Cabinet OKs new stimulus package to pump up growth

TOKYO (AP) — Japan's Cabinet approved a fresh economic stimulus package on Tuesday worth more than 28 trillion yen ($275 billion), Prime Minister Shinzo Abe's latest effort to get the stalling recovery back on track.

Public works projects that would be covered by deficit bonds are also raising concerns because of their possible impact on Japan's already huge public debt, which is more than twice the size of its economy.

Since Abe took office in late 2012, he has sought to boost growth by pumping massive amounts of money into the world's third-biggest economy.

—10.7 trillion yen ($105 billion) for infrastructure projects to help promote tourism — one of the few sectors of the economy that is booming — by expanding ports to accommodate ultra-large cruise ships, upgrading airport facilities and accelerating a decades-long high-speed maglev train project.