Japan minister defends stimulus spending package

A Japanese minister defended his government's $150 billion stimulus package Sunday against criticism it allocates too much money to wasteful pet projects meant to woo voters.
Minister of Finance Kaoru Yosano said the stimulus measures, which won legislative approval recently, would encourage gradual but basic structural changes to the economy to boost growth and steer it away from export dependence. But more time is needed, he said, to see the effects of the programs, ranging from helping solar-panel businesses to lowering road-toll fees.
"It's not going to happen overnight, but we must move toward an economy that is centred on domestic demand," Yosano said on a nationally televised TV Asahi news show.
The package calls for nearly 15 trillion yen ($150 billion) in government spending, including cash rebates for individuals meant to spur consumer spending.
Yosano said the government was determined to prevent the jobless rate from surging to record high 5.5 percent levels, and stressed the stimulus package will create jobs. Without such government assistance, Japan could have an additional 3 million people losing their jobs, he said.