Japan's government announced a record $490 billion spending package on Friday (November 19) to cushion the economic blow from the COVID-19 pandemic, bucking a global trend towards withdrawing crisis-mode stimulus measures and adding strains to its already tattered finances.
The massive spending would underscore the resolve of Prime Minister Fumio Kishida to focus on reflating the economy and redistributing wealth to households.
In a meeting of government and ruling party executives on Friday, Kishida announced his plan to spend around 56 trillion yen ($490 billion) in the stimulus package, and compile an extra budget by year-end to fund the measures.
The total package, which includes funds that do not lead to immediate spending, will likely reach 78.9 trillion yen ($690 billion), according to a final version of the draft of the stimulus package obtained by Reuters. The government will announce details of the package after it is signed off at a cabinet meeting later on Friday.
