Staff members in face guards and masks stand by as customers line up to enter Matsuya department store as its basement food section reopens after being closed due to COVID-19 restrictions in Tokyo on May 25, 2020.Japan will lift a state of emergency for Tokyo and remaining areas still facing restrictions on Monday, while the Nikkei reported a plan for new stimulus worth almost $1 trillion to help companies ride out the coronavirus pandemic.
The world’s third-largest economy has escaped an explosive outbreak with some 17,000 infections and 825 deaths so far; however, the epidemic has tipped it into a recession and plunged Prime Minister Shinzo Abe’s popularity to multiyear lows. Tokyo Governor Yuriko Koike has previously said the capital would move into “stage one” of loosening restrictions, once the state of emergency was removed. That would allow libraries and museums to reopen, and restaurants to stay open until later in the evening. Subsequent stages would see theatres, cinemas and fairgrounds reopen.
The government is expected to approve the budget, which will also include subsidies to help companies pay rent and wages, at a cabinet meeting on Wednesday.
Japan loves them some stagflation...
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