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ECONOMY > Economic Policy

GOJ approves another ¥117 trillion relief package to shore up economy

  • May 28, 2020
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All national papers reported that the Abe administration endorsed a 31.9 trillion-yen ($296 billion) second supplementary budget bill on Wednesday to deploy a secondary relief package worth 117 trillion yen ($1.09 trillion) to fend off the economic fallout from the novel coronavirus. The new stimulus package is aimed at supporting companies that are struggling financially due to the outbreak by providing rent subsidies covering six months and expanding interest-free business loans. The size of the latest pump-priming package is the same as the first one launched in April, which was the largest ever.


Yomiuri wrote that the massive stimulus packages, which amount to the equivalent of 40% of GDP, are intended to prepare for a “prolonged war” against the coronavirus, which has already taken a toll on the Japanese economy. The daily said the Abe administration had little choice but to launch another huge stimulus package to address soaring public discontent about Prime Minister Abe’s handling of the outbreak and his policy of extending the mandatory retirement age for public prosecutors. Nikkei said that although a substantial amount of money will be allocated for the medical sector in preparation for a “second wave” of infection, the GOJ’s funding for vaccine development is much less than that of the U.S. and China.

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