Japan will compile a fresh 73.6
trillion yen ($708 billion) economic stimulus package to speed up the country's
recovery from its deep coronavirus slump, Prime Minister Yoshihide Suga said
By Leika Kihara
and Tetsushi Kajimoto
TOKYO (Reuters) - Japan
will compile a fresh 73.6 trillion yen ($708 billion) economic stimulus package
to speed up the country's recovery from its deep coronavirus slump, Prime
Minister Yoshihide Suga said on Tuesday.
The new package
will include about 40 trillion yen in direct fiscal spending and initiatives
targeted at reducing carbon emissions and boosting digital technologies, Suga
said in a meeting with ruling party executives.
Policymakers
globally have unleashed a wall of monetary and fiscal stimulus to prevent a
deep and prolonged recession as the coronavirus closed international borders
and sent millions out of work. In the United States, a $908 billion coronavirus
aid plan is currently under debate in Congress.
Suga's cabinet is
set to endorse the stimulus package later on Tuesday, which would bring the
combined value of coronavirus-related stimulus to about $3 trillion.
Two previous
packages this year worth a combined $2.2 trillion focused on dealing with the
immediate strain on households and business from the pandemic.
"We have
compiled these measures to maintain employment, sustain business and restore
the economy and open a way to achieve new growth in green and digital areas, so
as to protect people's lives and livelihoods," Suga said at the meeting.
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