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Economy

Japan working to hammer out $500bn stimulus package

Cash handouts for households hit by coronavirus to come in May

The Japanese government is working on a massive stimulus package aiming to get cash into the hands of citizens affected by the coronavirus. (Source photo from Reuters)

TOKYO -- The Japanese government has begun discussions on an economic stimulus package worth 56 trillion yen ($502 billion) featuring cash handouts to households that have suffered from the impact of the coronavirus outbreak.

The package translates into around 10% of the country's gross domestic product and will be its biggest ever stimulus. In terms of measures for businesses, it will include direct spending by the government as well as loans supplied by financial institutions.

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