Japan plans third stimulus package

Japan's prime minister has asked the government to draw up a third economic stimulus package, with financial data indicating that the country is plunging into its worst recession in more than 50 years.The plan was announced on Tuesday as Taro Aso prepared to travel to a G20 summit in London, which is aimed at tackling the global economic downturn."Japan is still facing the economic crisis," Aso said."I instructed the government and ruling parties to compile steps to cope with the current economic situation, which will include submission of the extra budget."Aso did not specify the amount of spending that would be included in the new package, but said it would be unveiled in mid-April.Japanese media predicted that the latest stimulus would aim to create $612bn worth of demand and two million jobs.