Japan plans $53B stimulus as recovery falters

As Japan continues to recover after emerging from a recession in late 2012, the world's third-largest economy is getting a boost in fresh stimulus approved Thursday by the country's cabinet.

The 5.5 trillion yen ($53 billion) in stimulus spending is aimed at creating at least 250,000 jobs and is heavily weighted toward construction projects, according to an Associated Press report published by ABC News.

Prime Minister Shinzo Abe said the extra stimulus would counter a 3 percentage point increase in sales taxes to 8 percent in April.

Read more from the Associated Press.