Prime Minister Shinzo Abe's cabinet has approved the growth plan for the Japanese economy. The cabinet also agreed to cut Japan's primary balance deficit in half by fiscal 2015.

The growth plan agreed on Friday is the third pillar of Abe's strategy to restore the economy.

The plan aims to raise corporate capital spending by 10 percent in three years to 70 trillion yen or about 738 billion dollars a year. That was the level of capital investment in Japan before the collapse of Lehman Brothers in 2008.

The plan includes tripling the value of infrastructure exports by 2020 to more than 30 trillion yen or about 316 billion dollars.

Ministers also agreed on fiscal policies to halve the country's primary balance deficit by fiscal 2015. The primary balance excludes interest payments on government debt. The government aims to create a budget surplus by fiscal 2020 and steadily reduce the national debt after 2021.

Ministers also approved a plan to revise social security spending to shore up the country's finances.

Economic Revitalization Minister Akira Amari said the government will move at "breakneck" speed to implement the plan to boost the economy.

Chairman of the Japan Business Federation or Keidanren, Hiromasa Yonekura, said the group will continue to urge the government to cut corporate taxes and take other steps to help businesses. He said he hopes the government will create an environment that helps Japanese companies succeed globally.

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This news was published on June 14, 2013.

Source: http://www3.nhk.or.jp/nhkworld/english/news/20130614_31.html