Japan's ruling party unveiled an economic stimulus plan on Wednesday totalling more than $57.6bn that also calls for Japan to consider making use of its $1.07 trillion in foreign reserves to create a sovereign wealth fund.

If approved, Japan would join other large foreign-currency reserve countries such as China, the United Arab Emirates and Russia, which have sovereign wealth funds that have taken greater roles in global deal making. It would be the first among the Group of Seven nations-which also include Canada, France, Germany, Italy, the UK and the US-to take such a step. A Japanese sovereign wealth fund has been contemplated in the past, but has always been rejected.