Japan Eyes Over-30-T.-Yen Economic Package against Coronavirus

Politics

Tokyo, March 23 (Jiji Press)--The Japanese government and the ruling parties are planning to draw up an emergency economic policy package worth over 30 trillion yen in the fight against the new coronavirus, it was learned on Monday.

The envisioned policy package and the 26 trillion yen of stimulus measures that the government adopted late last year could together be similar to the 56.8 trillion yen of measures implemented in the wake of the financial crisis triggered by the collapse of U.S. investment bank Lehman Brothers in 2008.

"Depending on the situation, we're ready to respond (to the coronavirus pandemic) with greater measures" than those following the Lehman Brothers collapse, Prime Minister Shinzo Abe said at a House of Councillors Budget Committee meeting on Monday.

Meanwhile, there are calls from within the ruling parties for the new policy package alone to be as large in size as the post-Lehman package, especially if this summer's Tokyo Olympics is postponed.

Abe told the Upper House committee meeting that the government is "making every effort while placing its top priority on job security and business continuation."

[Copyright The Jiji Press, Ltd.]

Jiji Press