Japan Govt OKs Record 108-T.-Yen Emergency Stimulus Package

April 7, 2020

Tokyo- The Japanese government adopted on Tuesday an emergency economic stimulus package worth a record 108.2 trillion yen to fight the rapidly spreading coronavirus outbreak and minimize its impact on the domestic economy.

The package, approved at an extraordinary cabinet meeting, features cash benefits totaling more than 6 trillion yen to households, companies and self-employed people experiencing severe income falls due to the COVID-19 outbreak.

Specifically, 300,000 yen will be paid to eligible households, up to 2 million yen to small and midsize businesses and up to one million yen to freelancers and other self-employed people.

The government aims to start payments of the cash benefits in May.

Also planned for distressed households and companies is a tax and social insurance premium payment moratorium totaling 26 trillion yen.

The stimulus package will also increase child allowances by 10,000 yen per person.

Other measures include assistance to boost production of Avigan, an influenza drug considered effective in treating COVID-19, and the issuance of vouchers to shore up tourism demand after the virus is put under control. Jiji Press