the Government of Prime Minister Shinzo Abe promise to take "all steps", which covers fiscal, monetary and tax policies, to counter the deepening effects of coronavirus as part of a package of incentives that will be adopted on Tuesday, says the draft document seen by Reuters.
Abe said on Monday that the package size will be about 108 trillion yen, while government will spend more than 6 trillion yen in payments to households and businesses.
Abe earlier promised to develop "an unprecedented" stimulus package in response to the global downturn caused by the pandemic, which exceeds the size of the package adopted after the financial crisis of 2009, for a total of 56 trillion yen ($514 billion), while budget expenditures totalled 15 trillion yen.
the document pandemic called "the biggest crisis" with which the world economy has faced since the Second world war.
Number of cases of infection with coronavirus in the world exceeded 1 million, and the number of victims is more than 64 000. In Japan on Monday, there were about 3,500 cases and 85 deaths. The number of new cases continues to grow, especially in Tokyo.
Abe made the possibility of introducing a state of emergency in the seven prefectures for the period of about a month, but said that the measures are not as stringent as in some foreign cities. A spending plan involves subsidizing households with children, payments to small and medium-sized firms to help them to continue to work, as well as measures allowing them to borrow at zero interest and without collateral from private financial institutions.
financing package, the government will issue bonds to cover the deficit, which will further increase pressure on the country, a duty which more than twice exceeds the size of the economy 5 trillion dollars.