Japanese PM Shinzo Abe has approved a new $ 1.1 trillion stimulus package that includes significant direct costs to prevent a deeper recession in the world's third-largest economy amid coronavirus, Reuters reported.
A package of measures for 117 trillion yen will be partially funded by another additional budget. In April, authorities already deployed incentives of 117 trillion yen.
After the adoption of the new package, Japan’s total spending on combating the COVID-19 effects will amount to 234 trillion yen ($ 2.18 trillion) - approximately 40% of the country's GDP.
Total spending will be one of the largest fiscal packages for coronavirus control in the world, approaching the size of the US $ 2.3 trillion aid program.
The new package includes 33 trillion yen of direct costs, the finance ministry said.