Japanese PM announces $700 bn additional economic package

Japanese Prime Minister Yoshihide Suga on Tuesday said the government has compiled an additional stimulus package worth over $700 billion to tackle the effects of the coronavirus pandemic on the economy.

Suga made the remarks at a meeting with senior officials earlier in the day, public broadcaster NHK said in a news report.

“This economic package is to maintain employment, keep business going, revive the economy and open a path to growth including through green and digital technology,” the Prime Minister qas quoted as saying.

Measures will include support for hospitals and nursing homes, as well as financial aid for businesses.

The package ramps up investment in green technologies as Japan tries to shift to a net zero carbon footprint by 2050.

Plans to extend a program promoting domestic travel will be funded by the stimulus.

The government will also help companies as they try to avoid cutting staff, according to the NHK news report.

The cabinet is to expected to approve the package on Tuesday evening.

The announcement comes as Japan’s coronavirus caseload and death toll have increased to 164,434 and 2,299, respectively.

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