TOKYO :Japan's new stimulus package will include record spending of about US$488 billion due to huge payouts to cushion the economic blow from the COVID-19 pandemic, the Nikkei newspaper reported on Thursday.
The total package, which includes funds that do not lead to immediate spending, will likely reach 78.9 trillion yen, the Nikkei said. Japan's Nikkei share average turned positive after the Nikkei report, as the size of spending was much bigger than the up to 40 trillion yen expected by markets. It closed down 0.3per cent at 29,598.66 on Thursday.
Japan has lagged other economies in pulling out of pandemic-induced doldrums, forcing policymakers to maintain massive fiscal and monetary support even as other advanced nations dial back crisis-mode policies.
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