Japan’s ruling political party has unveiled a USD57.6 billion economic stimulus plan, according to The Wall Street Journal. The plan includes a proposal to use USD1.07 trillion of Japan’s foreign reserves to establish a sovereign wealth fund. If the sovereign wealth fund is approved and created Japan will be the first among G-7 countries to make such a move. Masayuki Naoshima, Japan’s former trade minister and the chief architect of the stimulus plan, explained that the sovereign fund is an attempt to make better use of the country’s overseas foreign investments.

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    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.