Japan's $1tn stimulus offers $18,000 to mom and pop businesses

Government offers nearly $3,000 per household to hard-hit families

The Japanese government hopes to mitigate the economic damage from the coronavirus outbreak as cities ask people to stay home. © Reuters

RIEKO MIKI, Nikkei staff writer

April 7, 2020 03:44 JST

TOKYO -- Japan's cabinet is set to approve Tuesday a coronavirus stimulus package worth close to $1 trillion, which includes grants of up to 2 million yen, or $18,350, for small and midsize businesses whose revenue has fallen by more than half.

The 108 trillion yen package comes to roughly 20% of the nation's GDP and is roughly half the size of the U.S. stimulus -- a huge step for an economy a quarter the size of America's.