Japan approves $ 490 billion stimulus package

The Japanese government on Friday agreed to spend $ 490 billion on stimulus measures, a move by its prime minister to stimulate an econo...

The Japanese government on Friday agreed to spend $ 490 billion on stimulus measures, a move by its prime minister to stimulate an economy battered by coronavirus restrictions and by a tightening of the supply chain that has affected the country’s largest manufacturers.

Japan announced a partial easing of border restrictions this month and lifted virtually all restrictions on its economy amid falling virus cases. And its rate of fully vaccinated people – 76% of the population, according to a New York Times tracker – is one of the highest among the rich nations. But the ban on international tourists continues to weigh on economic growth.

The stimulus package, Japan’s largest to date, accounts for about 10% of the country’s economic output, officials said. Prime Minister Fumio Kishida said on Friday that this could increase economic output by around 5.6%.

“I want to bring the Japanese economy, which has been badly damaged, on a recovery path,” he told reporters.

The package includes aid to struggling businesses and hospitals, money for strengthening semiconductor supply chains, and programs to encourage domestic tourism and investment in a university endowment fund in the nationwide.

It also includes a one-time cash payment of 100,000 yen, or $ 878, per child under 18 for households where the highest-earning parent is paid less than about $ 84,300 per year. About nine out of ten households with children are eligible.

Distributions of cash to young families are not particularly popular. Critics have questioned the need for them an aging society.

Last spring the government sent stimulus checks to every resident, but they have done little to increase inflation or consumer spending. Analysts estimate that 70 percent of donations went to household savings.

Mr Kishida’s cabinet approved the stimulus package on Friday, less than two months after he won a second round of the elections for the leadership of the ruling Liberal Democratic Party in the country. JapanChina’s economy is the third largest in the world after those of the United States and China.

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Newsrust - US Top News: Japan approves $ 490 billion stimulus package
Japan approves $ 490 billion stimulus package
Newsrust - US Top News
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