Japan eyes fresh stimulus plan worth over $929 bln to battle coronavirus: Report

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Japan is considering a fresh stimulus package worth over $929 billion that will consist mostly of financial aid programs for companies hit by the coronavirus pandemic, the Nikkei newspaper said on Monday.

The package, to be funded by a second extra budget for the current fiscal year beginning in April, would follow a record $1.1 trillion spending plan deployed last month to cushion the economic blow from the pandemic.

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The second extra budget, worth 100 trillion yen ($929.45 billion), will include 60 trillion yen for expanding loan programs that state-affiliated and private financial institutions offer to firms hit by virus, the paper said.

Another 27 trillion yen will be set aside for other financial aid programs, including 15 trillion yen for a new program to inject capital into ailing firms, it said.

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The government is expected to approve the budget, which will also include subsidies to help companies pay rent and wages as they close businesses, at a cabinet meeting on Wednesday.

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