TOKYO: Japan will compile a ¥73.6 trillion (US$708 billion) new economic stimulus package, Prime Minister Yoshihide Suga said on Tuesday, signalling his determination to bring the country out of its slump-induced coronavirus crisis.
The latest stimulus plan would include some 40 trillion yen worth of fiscal spending. Suga said in a meeting with executives of the ruling party.
Later on Tuesday, the government is expected to finalise the stimulus bill. Furthermore, it will follow a combined $2.2 trillion from two previous measures focusing on fixing the immediate burden on households and industry.
In addition, at the meeting, Suga said the new policy policies would help drive “new economic growth.”
The package is likely to include subsidies and incentives to encourage businesses to raise green investment and digitisation spending. Also, it is an area that Suga has listed as its main policy priorities.
Japan’s economy recovered in July-September from its worst post-war recession in the second quarter, although a third wave of Covid-19 infections is anticipated by many analysts to keep any recovery modest.
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