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Japan Govt OKs 78.9-T.-Yen Stimulus Package

Japan Govt OKs 78.9-T.-Yen Stimulus Package

   Tokyo, Nov. 19 (Jiji Press)--The Japanese government adopted on Friday a new stimulus package worth 78.9 trillion yen to cushion the impact of the prolonged novel coronavirus pandemic on the economy.
   The package, approved at an extraordinary cabinet meeting, includes record fiscal spending of 55.7 trillion yen. It is projected to boost Japan's gross domestic product by around 5.6 pct, according to the Cabinet Office.
   The package features measures to realize a virtuous circle of economic growth and wealth redistribution, a signature policy of Prime Minister Fumio Kishida, such as a program to distribute benefits worth 100,000 yen for people under 19.
   State funds account for 43.7 trillion yen of the total fiscal spending. The government will finance the package with a fiscal 2021 supplementary budget and the fiscal 2022 regular budget.
   The extra budget will have 31.6 trillion yen in general-account spending and 400 billion yen in special-account expenditures. The government aims to adopt the extra budget at a cabinet meeting Nov. 26 for enactment by year-end.

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AFP-JIJI PRESS NEWS JOURNAL


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