Japan will compile a new $1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic pushing the world's third-largest economy deeper into recession, a budget draft seen by Reuters showed on Wednesday.
TOKYO - Japan will compile a new $1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic pushing the world’s third-largest economy deeper into recession, a budget draft seen by Reuters showed on Wednesday.
The new package puts the total amount Japan spends to combat the virus fallout at 234 trillion yen - roughly 40% of Japan’s gross domestic product. “We must protect business and employment by any means in the face of the tough road ahead. We must also take all necessary measures to prepare for another wave of epidemic,” Prime Minister Shinzo Abe said in a meeting with ruling party lawmakers on Wednesday.
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