... namely that only about a quarter of the total JPY 28 trillion in new stimulus is in the form of actual spending... assuming of course one would call JPY 7 trillion "minor."

As Bloomberg reports, "about one quarter of Japanese Prime Minister Shinzo Abe's new 28 trillion yen ($267 billion) economic stimulus includes actual spending, according to a person familiar with the matter."

The person, who asked not to be named as the discussions are private, didn't specify the period of time over which the 7 trillion yen would be spent. The money will be part of 13 trillion yen of "fiscal measures," with the rest of that sum covered by so-called zaito financing that's used to raise money for projects at state-run companies, according to the person. The remaining 15 trillion yen in Abe's total package is unclear; he has yet to offer a breakdown on the plan.

An Abe has aggressively talked up the upcoming stimulus, investors have been looking for details of what it will actually contain and, more imporantly, how much of it will be new spending ahead of tonight's BOJ policy meeting, with economists expecting further monetary stimulus. The Nikkei newspaper reported earlier on Thursday that more than 6 trillion yen will be actual spending. Abe said the cabinet will review the overall plan next week.