Japan's PM announces US$708 billion found in fresh stimulus
08 December, 2020
Japan can compile a fresh economic stimulus package worth 73.6 trillion yen (US$708 billion), Primary Minister Yoshihide Suga said on Tuesday, signalling his resolve to draw the country out of its coronavirus crisis-induced slump.
The brand new stimulus package includes fiscal spending worth around 40 trillion yen, Suga said in a gathering with ruling party executives.
The government is set to finalise the stimulus package down the road Tuesday, which would follow a combined US$2.2 trillion from two previous deals that focused on coping with the quick strain on households and business.
The new financial measures would support push "new financial growth", Suga said at the meeting.
The package will probably include subsidies and incentives to prod companies to boost green investment and shelling out for digitalisation, an area Suga has laid out as his key policy priorities.
Japan's economy rebounded in July-September from its worst postwar contraction found in the second quarter, though many analysts expect a third wave of COVID-19 infections to hold any recovery modest.
Source: www.channelnewsasia.com
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