In 2010, Japan struggled with a drop in exports, a smaller quantity of factory output, and a continued deflation. The falling prices only intensified the drop in corporate profits and paychecks.
On this day, October 8th, in 2010, Japan approved a $60 billion economic stimulus package.
The stimulus package was an attempt to revitalize the country’s lethargic economy. The plan also aimed to encourage funding for rare earths needed in Japan’s manufacturing industry. The month before, China had imposed a de facto export ban on the minerals needed because of territorial disputes between the two countries.