Prime Minster Shinzo Abe will reshuffle his cabinet on Aug 3 for the advancement of his economic policies "Abenomics", Japan's top government spokesman said on Friday.

In a news conference, the Chief Cabinet Secretary Yoshihide Suga said the cabinet will approve an "economic stimulus package" on Tuesday, just a day before the cabinet reshuffle.

He also added that the job market of the country is improving quite steadily. Thus, the government would make extreme efforts to beat deflation and revive the economy of Japan.