TOKYO, Japan (CNN) — Japan’s Prime Minister Taro Aso announced a historic $150 billion stimulus package Friday aimed to turn around the recession in the world’s second-largest economy.

Steeped in a recession, with a surge in bankruptcies and sentiment among its largest manufacturers at a record low, Japan has seen unemployment reach a three-year high. The stimulus plan is meant to keep Japan’s economy from cracking open, coalition party officials told CNN. It is the biggest-ever supplemental budget to boost the ailing economy.

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