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Japan unveils record $491bn stimulus to boost economy

Christian Fernsby |
Japanese Prime Minister Fumio Kishida announced a record $491 billion stimulus for economy Friday.

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The 56 trillion yen injection, the third since the Covid crisis struck last year, "is enough to deliver a sense of safety and hope to the Japanese people", Kishida said.

The vast spending plans are expected to be approved by the cabinet later in the day and reportedly include cash and coupon handouts to families with children under 18 who meet an income cap, as well as pay rises for nurses and careworkers.

"We have been able to build economic measures that will lead to a new society after the pandemic," Kishida said at policy talks between the cabinet and ruling coalition.

Government data showed this week that Japan's economy shrank 0.8 percent in the three months to September.

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