Japan’s government will submit to parliament early next week a second extra budget to fund a new $1.1 trillion stimulus package to cushion the economic blow from the coronavirus pandemic, Prime Minister Shinzo Abe said on Monday.
With ruling and opposition parties on board for big spending to combat the virus fallout, parliament is likely to approve the budget as early as next week.
The move would give Abe ammunition to inject another heavy dose of stimulus to an economy on the brink of deep recession as the pandemic hit global and domestic demand.
“We’d like to submit (the second extra budget) to parliament early next week,” Abe said in a meeting with ruling party lawmakers. “We need to protect businesses and jobs.”