Japan to allocate almost $700B to support economy during pandemic

The volume of the new stimulus package for the Japanese economy, affected by the coronavirus pandemic, will amount to about 78.9 trillion yen ($691.5 billion at the current exchange rate), Report informs citing TASS.

The government will allocate 55.7 trillion yen ($488.2 billion) from the budget. The remainder of about 23.2 trillion yen ($203.3 billion) is private investment. The package of measures is expected to be approved on November 19. Its volume almost doubled the expectations of economists.

Using these funds, the Japanese authorities intend to increase economic support for the population and business. In particular, families with children under 18 will receive benefits of 100,000 yen (about $880) for each child, Kyodo reported. Last year, all residents of Japan, including permanently resident foreigners, received a one-time payment of 100,000 yen as part of the support for the population amid the pandemic.

The new measures to stimulate the economy are part of the campaign promises of Prime Minister Fumio Kishida, who took office in October.