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Japan weighs $ 265bn incentive epidemic: Kyodo | Business and Economy

Japan is considering an economic stimulus package worth more than 30 trillion yen ($ 265bn) in an effort to alleviate the pain of the COVID-19 epidemic, a plan that would require a new loan, Kyodo said.

Some of the expenditure comes from funds taken from last year’s budget, Kyodo said late Sunday.

The government tasked with drafting Prime Minister Fumio Kishida’s so-called new style of capitalism is expected to comment on Monday as the backbone of a planned promotional program.

Japanese Prime Minister Fumio Kishida has vowed to launch a new form of capitalism [FILE: Behrouz Mehri/Reuters]

Kishida has promised to make a big impact this month, and the government wants it approved by parliament later this year. Kishida, however, has provided limited information on the size of the expenditure and the amount of the additional loan.

The Yomiuri newspaper reported last week that about $ 2 trillion ($ 17.6bn) in payments to families with children – or $ 100,000 ($ 880) per child – as part of the incentive plan.

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