Japan to Launch 108-T.-Yen Economic Package: Abe

Politics

Tokyo, April 6 (Jiji Press)--The Japanese government will launch an economic stimulus package with a project scale of 108 trillion yen to cut the impact of the new coronavirus pandemic, Prime Minister Shinzo Abe said Monday.

It will be Japan's largest economic package, worth 20 pct of its gross domestic product. The cabinet will adopt a fiscal 2020 supplementary budget including the package Tuesday for enactment before the country's Golden Week holiday period from late April.

"We'll implement unprecedented, powerful measures in view of the enormous impact" of the COVID-19 crisis, Abe said.

The forthcoming measures will be far larger than the 56.8-trillion-yen package drawn up in April 2009 after the 2008 collapse of U.S. investment bank Lehman Brothers.

The government plans to provide over 6 trillion yen in cash benefits to households whose incomes drop to levels matching those at low-income families exempted from residential taxes, as well as to small businesses and self-employed people.

[Copyright The Jiji Press, Ltd.]

Jiji Press