Japan is unleashing economic stimulus measures worth around $1 trillion as it battles the coronavirus outbreak, which has prompted a state of ...
The bulk of the stimulus - worth 80 trillion yen - aims to protect jobs and save small and medium-sized businesses.The government will expand employment subsidies to help firms pay salaries and interest payments, and avoid job cuts.
Tax cuts and other assistance will also be available for event organisers who cancelled or delayed their projects at the request of the government.The package also sets aside 2.5 trillion yen to assist medical institutions and pay for development of drugs to treat coronavirus patients. It also aims to distribute 15 million masks to medical institutions in April and secure up to 50,000 hospital beds to treat severe infection cases in the near future.READ: Japan ends Olympic flame display due to coronavirusLow-income families that suffer a significant reduction of income due the outbreak will be eligible for handouts of 300,000 yen per household. And families with children will also receive 10,000 yen per child, with high-income households excluded.
Business will also be encouraged to diversify foreign sources of necessary supplies, particularly by investing heavily in various countries in Southeast Asia. Measures to promote telework and remote education are also included.In addition to easing the current economic pain, the package looks ahead, offering ways to jump-start the economy after the pandemic.
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