Analysts say the stimulus will support Japan's growth to some extent.TOKYO - Japanese Prime Minister Fumio Kishida announced a record $490-billion stimulus for the world's third-largest economy as he looks to shore up the country's patchy pandemic recovery.
It comes after Japan's economy shrank far more than expected in the second quarter as leaders struggled to overcome virus surges by imposing containment measures in Tokyo and other cities. He said the 56 trillion in spending -- roughly 10 percent of Japan's total GDP -- was expected to rise as high as 79 trillion yen including other elements such as loans from private funds.
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