TOKYO, Dec 12: Japan nearly doubled on Friday an already huge stimulus package to battle a deepening recession.

To counter what he called a once-in-a-century recession, Japanese Prime Minister Taro Aso announced a new 23 trillion yen ($255 billion) injection that would take government revival efforts to more than $550 billion since October.

Aso said the new stimulus would include 10 trillion yen in fiscal measures, including tax cuts for homeowners, and another 13 trillion yen in financial support such as loan guarantees for struggling businesses.

“This is a great global recession which comes once in 100 years. Japan alone cannot stay out of this tsunami,” Aso said. “But by taking appropriate measures without any delay, we can minimise the impact.”

—AFP