Japan PM announces 56 trillion yen package to boost economy

Japanese Prime Minister Fumio Kishida on Friday announced a record $490 billion (approx 56 trillion yen) stimulus package to lift the economy hit by the coronavirus pandemic. The proposal includes providing cash assistance to people and financial assistance to the worst-affected businesses. “Adequate funds have been provided in the package to instill a sense of security and hope among the people,” the prime minister told reporters.

Kishida’s proposal was later sent for cabinet approval, although it would also require Parliament’s approval to implement. However, Kishida has promised prompt action and a meeting of parliament is likely to be called next month. Kishida said the plan provides for 100,000 yen ($880) in monetary aid to people and financial assistance to affected businesses.