On January 15, Japan’s Cabinet Office approved a ¥10.3 trillion ($128.8 billion = ¥80 = $1) economic stimulus package. The stimulus package is the second largest in the country’s history, according to Nature, and comes on the heels of Japan’s Liberal Democratic Party resuming power following the December 2012 election. The stimulus package is expected to be approved by Parliament next month.

The stimulus package includes ¥880 billion ($11 billion) for science and technology–related spending, bringing total government spending in this area to ¥4.6 trillion ($57 billion) for fiscal 2012, according to Science Insider. The website noted that the largest science-related line item included in the stimulus is $2 billion to foster university-industry collaboration. Nature stated that of the ¥570 billion ($7.1 billion) requested by the Ministry of Education, Culture, Sports, Science and Technology (MEXT), ¥180 billion ($2.3 billion) will be used for basic research at universities.

Specific projects have been designated stimulus funds as well. According to The Daily Yomiuri, the Japan Science and Technology Agency is responsible for allocating some of the funds to research projects. In Science Insider’s spending breakdown, highlights of the stimulus include ¥76.6 billion ($958 million) to upgrade research infrastructure and ¥35.0 billion ($437 million) for next-generation energy technologies. According to Nature, ¥16.6 billion ($20.7 million) will go toward the International Thermonuclear Experimental Reactor, a worldwide project to develop fusion energy.

Induced pluripotent stem (iPS) cell research is also a focus of Japan’s stimulus package. According to Nature, MEXT has allocated ¥21.4 billion ($267.5 million) of stimulus funds for stem cell research, which primarily targets iPS cells. The funding will bring the total amount designated by Japan for iPS cell research throughout the next decade to ¥110 billion ($1.4 billion). According to Nature, several new facilities for iPS-related research will be constructed with stimulus funds. A ¥3.8 billion ($4.8 million) building at the Center for Developmental Biology in Kobe will emphasize collaborative projects with Japanese businesses. Kyoto University’s Center for iPS Cell Research and Application will construct a ¥4 billion ($50 million) facility for research on reprogramming mechanisms and diagnostic applications of iPS cells. An additional ¥2.2 billion ($27.5 million) will establish two facilities to train researchers in iPS cell development and cultivation, and ¥700 million ($8.8 million) will create a center for processing cells at the Foundation for Biomedical Research and Innovation in Kobe. A further ¥90 billion ($1.1 billion) plan for iPS cells is expected to be part of Japan’s next budget as well, according to Nature.