Japan's Fiscal Spending in Extra Budgets to Total 120 T. Yen

Politics

Tokyo, May 27 (Jiji Press)--The Japanese government's fiscal spending in the first and second supplementary budgets for fiscal 2020 will total 120 trillion yen, Prime Minister Shinzo Abe said Wednesday.

Including loans and other measures involving the private sector, a total of over 230 trillion yen in stimulus steps will be taken under the two budgets to fight the novel coronavirus crisis, according to Abe.

"We'll protect the Japanese economy with the largest provision in the world, equivalent to 40 pct of our gross domestic product," Abe said during policy discussions between the government and the ruling coalition.

The government is set to adopt the draft second extra budget at a cabinet meeting in the afternoon.

Abe also said that 10 trillion yen in reserve funds will be added under the second supplementary budget. The first one passed the Diet, the country's parliament, in April.

[Copyright The Jiji Press, Ltd.]

Jiji Press