Japan unveils fresh $700 billion stimulus package
Japan’s prime minister on Tuesday unveiled more than $700 billion (€578bn) in fresh stimulus to fund projects from anti-coronavirus measures to green tech, the country’s third such package this financial year.
The coronavirus pandemic has wrought global economic carnage and countries across the world have announced massive cash injections.
Premier Yoshihide Suga said the latest package, worth 73.6 trillion yen ($708bn) – including loan schemes and actual government spending of around 40 trillion yen – would be formally approved later on Tuesday.
It is the first stimulus spending Suga has announced since taking office in September, and comes as Japan faces a spike in COVID-19 infections, with record numbers of new cases reported in recent weeks.
“We drew up (the stimulus package) to pave the way for new growth, to protect people’s livelihoods as well as maintaining employment and keeping businesses going,” he said.
Japan officially exited recession last month after three quarters of contraction, and hopes to cement its recovery with the latest spending – which follows previous packages in April and June worth around 117 trillion yen each.
Government data released on Tuesday...