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Japan to Issue New $930 Billion Economic Stimulus

Αssociated Press

Japan s Prime Minister Shinzo Abe speaks at a news conference in Tokyo Monday, May 25, 2020. (Yoshitaka Sugawara/Kyodo News via AP)

TOKYO — Japan Prime Minister Shinzo Abe says his government will compile a fresh stimulus package worth about 100 trillion yen ($930 billion) to provide financial support for companies hit by the coronavirus pandemic.

Abe unveiled the new stimulus at a news conference Monday as he declared an end to a coronavirus state of emergency across the nation, as he removed the measure in five remaining prefectures including Tokyo.

Abe said a Cabinet approval of funding for the additional stimulus package is expected later this week.

The package would bring the amount of spending to more than 200 trillion yen ($1.9 trillion), he said. The government earlier compiled a 117 trillion yen stimulus package.

Japan, with about 16,600 confirmed cases of COVID-19 and about 850 deaths, has so far avoided a large outbreak like those experienced in the U.S. and the Europe despite its softer restrictions.

But the world’s third-largest economy is fallen into a recession, and public discontent over Abe’s handling of the coronavirus has sent his support ratings tumbling.