Japan earmarks first $50 billion for post-quake rebuild
Japan's cabinet approved on Friday almost $50 billion of spending for post-earthquake rebuilding, a downpayment on the country's biggest public works effort in six decades.
The emergency budget of ¥4 trillion ($48.5 billion), which is likely be followed by more reconstruction spending packages, is still dwarfed by the overall cost of damages caused by the March 11 earthquake and tsunami, estimated at $300 billion. (Reuters)
