U.S. Markets closed

News Summary: Japan OKs $10.7 billion stimulus

The Associated Press

THE FUNDS: Japan approved 880.3 billion yen ($10.7 billion) in stimulus, mainly for spending on social programs, employment creation and support for small and medium-size enterprises

THE EFFECT: The stimulus is expected to add 0.2 percent to Japan's economic growth rate and help create about 80,000 jobs, but some see that as insufficient. The economy shrank in the third quarter, and many economists expect a further contraction in the current quarter, which would land Japan in its fifth recession in 15 years.

THE BACKDROP: Debate over how to revive growth is heating up ahead of a general election widely expected to deal a severe blow to the ruling Democratic Party.