Japan declares coronavirus emergency, prepares near $1 trln stimulus

Tuesday 1441/8/14 - 2020/04/07
  • Share on Google+

TOKYO, April 07, 2020, SPA -- Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight new coronavirus infections in major population centres and unveiled a stimulus package he described as among the world's biggest to soften the economic blow, Reuters reported.
Abe announced the state of emergency targeting the capital Tokyo and six other prefectures - accounting for about 44% of Japan's population - for a period of about one month.
"We have decided to declare a state of emergency because we've judged that a fast spread of the coronavirus nationwide would have an enormous impact on lives and the economy," he told parliament earlier.
His cabinet will also finalise the stimulus package worth 108 trillion yen ($990 billion) - equal to 20% of Japan's economic output - to cushion the impact of the epidemic on the world's third-largest economy.
Abe said direct fiscal spending would amount to 39 trillion yen, or 7% of the economy, more than double the amount Japan spent following the 2008 collapse of Lehman Brothers.
Japan has been spared the big outbreaks of the coronavirus seen in other global hot spots, but a recent, steady rise in infections in Tokyo, Osaka and other areas led to growing calls for Abe to announce a state of emergency.
Coronavirus infections in Tokyo more than doubled to about 1,200 in the past week, with more than 80 new ones reported on Tuesday, accounting for the highest number in the country. Nationwide, cases have climbed past 4,000 with 93 deaths as of Monday.
--SPA
12:07 LOCAL TIME 09:07 GMT
0007