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ECONOMY

GOJ to decide on largest-ever economic stimulus package today

  • April 7, 2020
  • , All national papers
  • JMH Summary

All national papers said the Abe cabinet plans to approve today a package of pump priming measures worth 108 trillion yen ($1 trillion), or equivalent to 20% of GDP, to shore up the Japanese economy amid the coronavirus outbreak. The measures include cash allowances of 300,000 yen ($2,800) for certain households and up to 2 million yen in subsidies for small businesses hit hard by the pandemic. Certain individuals and small businesses will also be able to defer payment of income and social security taxes and corporate taxes. Childcare allowances will also be increased and substantial subsidies will be extended to boost consumption in the retail, restaurant, transport, and tourism sectors pending the containment of the outbreak. 

 

Mainichi said the Abe administration was keen to compile a robust stimulus package to mitigate the emergency declaration’s potentially crippling effects on the domestic economy.

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