Prime Minister Shinzo Abe announced at a press conference Saturday that he will instruct the compilation of a fiscal 2020 extra budget that will include additional economic stimulus measures, given the current situation of the Japanese economy taking hard hits from the spread of new coronavirus infections.
Abe also said that a draft of the extra budget will be compiled within roughly 10 days. As one of the practical measures, the prime minister revealed a plan to provide cash to the public.
Abe predicted that the scale of the additional economic stimulus package will be larger than that of an additional stimulus measure taken by the administration under Prime Minister Taro Aso in 2009 in the wake of a global economic crisis symbolized by the collapse of Lehman Brothers in the United States.
The scale of the 2009 stimulus package was worth about 56.8 trillion yen.
Regarding the extra budget's draft, Abe said, "It will be submitted to the Diet as soon as possible. I will compile an unprecedently large and powerful policy package, and implement it."
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