Japanese Prime Minister Yoshihiko Noda is expected to announce a fresh round of economic stimulus later in the month of November following a slowdown in the Japanese economy.

Kyodo News cited sources closer to the matter and stated that new steps to boost economic growth will include measures to curb deflation, ease strength in the yen, expand earthquake reconstruction work and relax regulations on businesses.

The report also said that Mr. Noda will call for an extraordinary cabinet meeting on Wednesday in which he will ask his ministers to prepare a new plan for rolling out the economic stimulus. The government has received economic growth forecast downwards for the tree times in a row due to continuing slowdown in the economy.

Another report in Japanese media indicated that Japanese government is considering funding the new stimulus with 910 billion yen that were allocated for economic emergencies and the revitalization of regional economies in this year national budget. If the PM gets support from the opposition parties then the total stimulus could reach several trillion yen.

The stimulus will help industries related to the environment as well as agriculture, forestry and fisheries, and for rebuilding regions in the country.