UPDATE 2-Japan to announce coronavirus emergency, prepares near $1 trln stimulus [Reuters]
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Source: Reuters
Japan to announce coronavirus emergency, prepares near $1 trillion stimulus TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe on Tuesday unveiled plans for a stimulus package he described as among the world’s biggest as he prepared to declare a state of emergency to stem a rise in new coronavirus infections in major population centres. Abe will announce the state of emergency for the capital Tokyo and six other prefectures, for a period of about one month, after earlier on Tuesday getting the green light from a panel of experts. His cabinet will also finalise a massive stimulus package worth 108 trillion yen ($990 billion) - equal to 20% of Japan’s economic output - to cushion the heavy impact of the pandemic on the world’s third-largest economy. That exceeds 11% of output for the U.S. stimulus package laid out by President Donald Trump and 5% for that of Germany. Abe said direct fiscal spending would amount to 39 trillion yen, or 7% of the economy, more than double the amount Japa
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