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ECONOMY > Economic Policy

Japan’s COVID-19 economic stimulus to amount to over 200 trillion yen

  • May 26, 2020
  • , All national papers
  • JMH Summary

All national dailies reported today that Prime Minister Abe disclosed yesterday that when compiling a second supplementary budget in response to the coronavirus pandemic, the GOJ is likely to spend over 100 trillion yen ($928 billion) to boost the economy. “I am determined to defend the Japanese economy from a once-in-a-century crisis with the world’s largest stimulus package at an unprecedented amount equivalent to 40% of the GDP,” said the prime minister. “We will infuse an overwhelming amount of capital” into the economy to help shore up businesses hit hard by rapid deceleration. Businesses will be provided with subsidies for rent and healthcare workers who have treated coronavirus patients will be given cash handouts of as much as 200,000 yen ($1,860) per person. Funding will also be allocated for boosting hospital capacity in preparation for a “second wave” of infections. As the GOJ’s first stimulus package was worth over 117 trillion yen ($1.09 trillion), the papers said the total amount committed by the GOJ to shore up the economy will amount to more than 200 trillion yen ($1.86 trillion).  

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