Japan weighs $ 265 billion on pandemic stimulus: Kyodo | Business and Economics

Japan is considering an economic promotion package of more than 30 trillion yen ($ 265 billion) aimed at alleviating the pain of the COVID-19 pandemic, a plan that would require the issuance of new debt, Kyodo news reported.

Part of the spending will come from funds raised from last year’s budget, Kyodo announced Sunday night.

The governing panel tasked with drawing up a plan for the so-called new style of capitalism under Prime Minister Fumio Kishida will make proposals on Monday that will set the focus of the planned stimulus package.

Kishida has promised to complete a large-scale stimulus package this month, with the government aiming to get parliament approved by the end of this year. Kishida, however, has offered few clues as to the potential size of the expenditure and the amount of additional debt.

Yomiuri newspaper last week spent an estimated 2 trillion yen ($ 17.6 billion) on cash (or $ 100,000 (880) per child) as a stimulus plan for families with children.