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Japan proposes record stimulus package to fix ailing economy
Japan’s prime minister outlined on Friday a record 56 trillion yen, or $490 billion stimulus package, including cash handouts and aid to ailing businesses, to help the economy out of the doldrums worsened by the coronavirus pandemic
By
migrator
migrator
Tokyo
“The package has more than enough content and scale to deliver a sense of security and hope to the people,” Prime Minister Fumio Kishida told reporters.
The proposal from Kishida was set for Cabinet approval later in the day but still needs parliamentary approval. Kishida has promised speedy action, and parliament is expected to convene next month.
The plan includes doling out 100,000 yen ($880) each in monetary assistance to those 18 years or younger, and aid for ailing businesses, Kishida and other politicians said.
Japan has never had a full lockdown during the pandemic and infections remained relatively low, with deaths related to COVID-19 at about 18,000 people.
But the world’s third-largest economy was already stagnating before the pandemic hit.
Japan’s economy contracted at an annual rate of 3% in the July-September period, largely because of weak consumer spending. Analysts say the economy is unlikely to rebound until next year.
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