Japan to launch economic stimulus package to overcome coronavirus slump: PM
Suga: Country plans to spend 73.6T yen ($708B) to help households, businesses
TOKYO - Japan will compile a fresh economic stimulus package worth 73.6 trillion yen ($708 billion), Prime Minister Yoshihide Suga said on Tuesday, signalling his resolve to pull the country out of its coronavirus crisis-induced slump.
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The new stimulus package will include fiscal spending worth around 40 trillion yen, Suga said in a meeting with ruling party executives.
The government is set to finalise the stimulus package later on Tuesday, which would follow a combined $2.2 trillion from two previous packages that focused on dealing with the immediate strain on households and business.
Japanese Prime Minister Yoshihide Suga speaks during a news conference in Tokyo on Friday, Dec. 4, 2020. Suga announced a 2 trillion green fund to promote innovation and technology to achieve his pledge to achieve a carbon free society by 2050.(AP Ph
The new economic measures would help push “new economic growth,” Suga said at the meeting.
The package is likely to include subsidies and incentives to prod companies to boost green investment and spending on digitalisation, an area Suga has laid out as his key policy priorities.
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Japan’s economy rebounded in July-September from its worst postwar contraction in the second quarter, though many analysts expect a third wave of COVID-19 infections to keep any recovery modest.
($1 = 104.0300 yen)