http://www.iht.com/articles/2008/10/30/business/30japan.php
HONG KONG: Japan announced a new stimulus package on Thursday that includes $51 billion to help households and businesses, the boldest of several measures that officials took to try to stanch the fallout from the global credit crisis, and prompting shares throughout the region to surge.
Hong Kong and Taiwan cut interest rates, after a cut of half a percentage point by interest rates by the Federal Reserve a day earlier.
And South Korea established a $30 billion currency swap line with the Federal Reserve, a measure expected to ease pressure on local banks needing to refinance foreign debt. President Lee Myung-bak of South Korea also said his government would bring forward budget spending and consider beefing up construction spending.
"A harsh storm seen only once in 100 years is raging," Japanese Prime Minister Taro Aso told a news conference as he introduced the second stimulus package in about two months. "Under such circumstances, I am certain that what is most important is to remove uncertainties from the lives of people."
