CORONAVIRUS | The stimulus package worth 108 trillion yen (US$990 billion) is equal to 20 percent of Japan’s economic output.
| Japanese Prime Minister Shinzo Abe has declared a state of emergency to fight new Covid-19 infections in major population centres and unveiled a stimulus package he described as among the world's biggest to soften the economic blow.
"If each of us can reduce contact with other people by at least 70 percent and ideally by 80 percent, we should be able to see a peak in the number of infections in two weeks," he said. Abe said direct fiscal spending would amount to 39 trillion yen, or 7 percent of the economy, more than double the amount Japan spent following the 2008 collapse of Lehman Brothers.
Abe has stressed that the state of emergency will stop short of imposing a formal lockdown as seen in other countries. Other essential infrastructure like mail and utilities would operate, as will ATMs and banks, public broadcaster"We are asking citizens to buy only what they need when they need it as there is sufficient food supply and no suspension is planned at food factories," he told reporters earlier, adding there was no sign of disruption to Japan's grain imports.
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