Package consists mostly of financial aid for ailing firms as economy enters recession. FMTNews
A pedestrian wearing a mask walks by a closing sale sign on a shop in Tokyo last Friday.
The move would be the latest effort by Tokyo to support an economy on track for its deepest slump in postwar history, as the pandemic crushes businesses and consumer spending. The second extra budget, worth 100 trillion yen , will include 60 trillion yen for expanding loan programmes that state-affiliated and private financial institutions offer to firms hit by virus, the paper said.
Japan’s economy slipped into recession in the last quarter, and analysts expect another 22% contraction in April-June due to the hit from the health crisis.
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