COVID in Japan – Main points of the US$1 trillion emergency package

Japan is unleashing economic stimulus measures worth about US$1 trillion as it battles the COVID-19 outbreak, which has prompted a state of emergency in several parts of the country, including Tokyo.

The package, valued at 108 trillion yen, envisages the government spending 39.5 trillion yen to protect jobs, bolster the medical sector and ease the pain for working families. Bonds worth 16.8 trillion yen will be issued to help pay for the measures.

Here is a look at the key items:

PROTECTING JOBS

The bulk of the stimulus – worth 80 trillion yen – aims to protect jobs and save small and medium-sized businesses.

The government will expand employment subsidies to help firms pay salaries and interest payments, and avoid job cuts.

Government-backed lending institutions will offer interest-free loans, and handouts of up to two million yen will be available for small and medium-sized businesses whose revenues plunge by more than 50 per cent.

Tax cuts and other assistance will also be available for event organisers who cancelled or delayed their projects at the request of the government.

Chosen excerpts by Job Market Monitor. Read the whole story @ Main points of Japan’s US$1 trillion COVID-19 emergency package – CNA