$ 988 billion incentive package in Japan
Japanese Prime Minister Shinzo Abe announced that the country’s largest incentive package has been approved by Japanese Prime Minister Shinzo Abe, $ 988 billion.
The package, which corresponds to about 20 percent of the Asian giant’s GDP, includes 6 trillion yen cash distribution for consumers and small businesses affected by coronavirus. In addition, 26 trillion yen tax and social service costs will be postponed for businesses.
Prime Minister Abe also reported that he plans to officially announce a state of emergency for Tokyo, Osaka, Hyogo and Fukuoka on Tuesday.
It aims to prevent labor losses and bankruptcies. The second part that will come after the virus is under control will try to support the V-recovery of the economy. It approved the biggest incentive package and announced that the biggest incentive package amounting to 988 billion dollars has been approved.