Japan’s Abe to air plan for $5 trillion economy

Japan’s prime minister Shinzo Abe, fresh from a bruising battle over unpopular military legislation, plans to announce a fresh outline for reviving the world’s third-largest economy that would set a GDP target of 600 trillion yen (USD 5 trillion).

The national broadcaster NHK and other media said Abe will explain his plan in a news conference Thursday evening. Abe recently was re-elected head of the ruling Liberal Democratic Party.

He has promised to refocus on the economy after triumphing over opponents to security legislation enabling Japan’s military to participate in combat even when the country is not under direct attack.

Thousands of Japanese gathered for noisy street protests last weekend over the “collective self-defense” law, and Abe’s popularity ratings took a hit.

Abe took office in late 2012 promising to end deflation and rev up growth through strong public spending, lavish monetary easing and sweeping reforms to help make the economy more productive and competitive.