Prime Minister Shinzo Abe pledged Monday to roll out an unprecedented economic stimulus package equal to 20 percent of economic output as his government vowed to take "all steps" to battle deepening fallout from the coronavirus.
The package, to be confirmed by the Cabinet on Tuesday, will total ¥108 trillion ($989 billion), far exceeding one compiled in the wake of the 2009 financial crisis totaling ¥56 trillion in size, with fiscal spending of ¥15 trillion.
"We decided to carry out an unprecedentedly massive scale of economic package worth ¥108 trillion, or 20 percent of GDP, following the immense damage to the economy from the novel coronavirus," Abe told reporters after meeting with senior ruling party lawmakers.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.