Japan To Boost Stimulus By More Than $80 Bil.
Japan's government is to expand an extra budget by more than 80 billion dollars to fund cash handouts to ease the economic impact of the coronavirus.
The government will now submit the supplementary budget worth more than 230 billion dollars for the fiscal year that began on April 1 to fund an emergency economic package worth about 1.1 trillion dollars.
It reviewed the plan after deciding to offer cash handouts of 100,000 yen, or more than 900 dollars, to every person in the country instead of providing triple that amount to households whose incomes have dropped sharply because of the pandemic.
It is extremely rare for the Japanese government to make a major change to a draft budget that has already been approved by the Cabinet.
The government is expected to issue additional bonds to cover the budget shortfall created by the revision.
It hopes to enact the plan as early as next week.
