Japan Budgets a Second Extra of $1.1tn on Stimulus Aid to Combat Covid-19 Fallout

Japan’s government has passed on Wednesday a second extra of $1.1 trillion stimulus package to mitigate its pain on economy that caused by Covid-19 pandemic.

 

Prime Minister Shinzo Abe’s cabinet approved a new budget of 117.1 trillion yen ($1.1 trillion), which included 33 trillion yen in direct spending, leading Japan to spend totally 234 trillion yen ($2.18 trillion) to combat the virus, or about 40% of gross domestic product.

 

“We must protect business and employment by any means in the face of the tough road ahead,” Abe told a meeting of ruling party lawmakers. “We must also take all necessary measures to prepare for another wave of epidemic.”