Japan to roll out huge stimulus package next week as pandemic pain deepens
[TOKYO] Japanese Prime Minister Shinzo Abe said on Friday a stimulus package to combat the novel coronavirus pandemic will be rolled out next week, and target small firms and households hardest hit by social distancing policies that are affecting consumption.
The package will include spending on medical supplies, as well as cash payouts to small firms and households facing sharp falls in income, Mr Abe said.
The government will also urge private financial institutions to join government-affiliated lenders in offering zero-interest rate loans to cash-strapped small and mid-sized firms, he said.
"We'll compile the package next week," Mr Abe told Parliament.
"We'll deliver in a short period of time a targeted, bold package" that will help the economy achieve a V-shaped recovery, he said.
A senior ruling party official told reporters on Friday he has agreed with Abe to offer 300,000 yen (S$3,969) in cash payments per household that suffers a certain degree of income falls from the pandemic.