Japan Govt OKs 78.9-T.-Yen Stimulus Package

Politics

Tokyo, Nov. 19 (Jiji Press)--The Japanese government adopted on Friday a new stimulus package worth 78.9 trillion yen to cushion the impact of the prolonged novel coronavirus pandemic on the economy.

The package, approved at an extraordinary cabinet meeting, includes record fiscal spending of 55.7 trillion yen. It is projected to boost Japan's real gross domestic product by around 5.6 pct, according to the Cabinet Office.

The package features measures to realize a virtuous circle of economic growth and wealth redistribution, a signature policy of Prime Minister Fumio Kishida, such as a program to distribute benefits worth 100,000 yen for people under 19.

"We will rebuild the economy damaged by the coronavirus crisis, facilitate the resumption of social and economic activities and put the economy on a growth path as soon as possible," Kishida said at a meeting of the Council on Economic and Fiscal Policy earlier Friday.

State funds account for 43.7 trillion yen of the total fiscal spending. The government will finance the package with a fiscal 2021 supplementary budget and the fiscal 2022 regular budget.

[Copyright The Jiji Press, Ltd.]

Jiji Press