Politics

​Japan allocates fresh $1.1 trillion to save its economy

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Japanese authorities are planning to allocate an additional $1.1 trillion to keep the economy, affected by the coronavirus pandemic.

Report says, citing Reuters, the new package takes Japan’s total spending to combat the virus fallout to 234 trillion yen ($2.18 trillion), or about 40% of gross domestic product.

The combined spending ranks among the world’s largest fiscal packages to deal with the coronavirus, approaching the size of the United States’ $2.3 trillion aid program.

Notably, earlier Japanese Prime Minister Abe Shinzo said he intends to provide a blanket cash handout of 100,000 yen (about $930) to all citizens as part of the country’s coronavirus relief measures close to securing funding for these cash handouts.

Report

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