Japan to launch 108 tril. yen stimulus package to blunt virus impact english.kyodonews.net

The Cabinet on Tuesday will approve the package that will far eclipse the 56.8 trillion yen emergency package at the time of the 2008 financial crisis, according to sources close to the matter.
"I decided to carry out the biggest-ever economic package that will be worth 108 trillion yen, which is equivalent to 20 percent of the country's GDP (gross domestic product)," Abe told reporters.
"PPAP" star Piko Taro, pop group Arashi release hand-washing songsThe stimulus measures will include providing a total of 6 trillion yen in cash to struggling households and companies, the premier said.
The approval will coincide with a state of emergency that Abe said he will declare the same day over the virus spread.
Japan faces a growing risk of plunging into a recession, reeling from the pandemic, the aftershock from the October consumption tax hike and the postponement of the Tokyo Olympics and Paralympics.