Japan government’s new economic stimulus amount to 73 trillion yen – World news

Japan government’s new economic stimulus amount to 73 trillion yen – World news

NHK Public Television reported on Monday that the Japanese government was likely to decide on new economic measures worth around 73 trillion yen ($ 700 billion) on Tuesday.

NHK said the economic measures would include steps aimed at preventing the spread of novel coronaviruses and focus on others.

Later, NHK stated that the general account of the third supplementary budget for the fiscal year ending 31 March was likely to be 19 trillion yen.

Also read Asian shares at all-time high on US stimulus, vaccine expectations

Prime Minister Yoshihida Suga said at a news conference on Friday that the size of a new stimulus package to restore the economy, maintain employment and sustain business activity will be finalized this week.

He said it would include an “unprecedented” $ 19 billion fund to promote carbon neutrality by 2050.

The world’s third-largest economy has recovered from a third pandemic-induced recession thanks to increased consumption and exports, but some analysts worry about slowing growth due to the recent resurgence of coronovirus infections.

Despite some signs of improvement in recent months, analysts expect Japan’s economy to shrink by 5.6% in the current fiscal year ending in March 2021, saying it could take years to return to pre-coronavirus levels.

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