Japan plans to launch a stimulus package totaling 20 trillion yen ($230 billion) in a bid to revive the country’s lagging economy.

Prime Minister Shinzo Abe convened the first meeting of the Economic Revitalization Headquarters on Tuesday where the outline of the emergency economic package was presented which was designed to generate “a virtuous cycle of economic growth and wealth creation”.

“Earlier more than a decade of deflation will be a dramatic initiative in human history,” Mr. Abe told the meeting of the body, which includes all Cabinet members, on Tuesday, adding that “drastic monetary easing policies and growth strategies” is necessary to battle “chronic deflation and the strong yen,” reports The Japan Times.

The stimulus combines the three pillars of Abe’s economic policy – public works projects, monetary easing and a growth strategy – aimed at achieving a nominal growth rate of 3% with large-scale public works spending, framework to enhance cooperation between the government and the Bank of Japan, as well as strategies to stimulate private-sector investments,  Asahi Shimbun reports.

The package is expected to be finalized Friday while the government plans to formulate “drastic growth strategies” by June that will focus on industrial competitiveness, overseas expansion of Japanese firms and new market creation.