Japan approves fresh $1.1-trillion stimulus to combat economic impact of coronavirus GlobeBusiness
The new package takes Japan’s total spending to combat the virus fallout to 234 trillion yen , or about 40 per cent of gross domestic product.The combined spending ranks among the world’s largest fiscal packages to deal with the coronavirus, approaching the size of the United States’ $2.3 trillion aid program.“We must protect business and employment by any means in the face of the tough road ahead,” Abe told a meeting of ruling party lawmakers.
That will push new bond issuance for this fiscal year to a record 90 trillion yen. Inclusive of issuance to roll over debt maturing during the year, Japan’s total calendar-base annual market issuance would hit a record 212 trillion yen, further straining already tattered finances. Under a policy dubbed yield curve control , the BOJ guides the short-term interest rate at -0.1 per cent and the 10-year bond yield at around 0 per cent.
To prepare for a possible second wave of infections, the government set aside 10 trillion yen in reserves that can be tapped for emergency spending.
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