Japanese PM Fumio Kishida declares economic stimulus

Tokyo – The government of Japan has announced an ambitious economic stimulus, as the economy has fallen due to the Coronavirus pandemic that has not yet recovered. In a press conference, Japanese PM Fumio Kishida declared a package of $490 billion. This package has mentioned financial aid to Japanese families and small scale businesses. Besides, it would also provide special assistance to the healthcare domain. At the time, PM Kishida also informed about additional provisions worth $6 billion for the military, given the rising aggressive activities of China since the phase of the Coronavirus pandemic.

‘We have been able to build economic measures that will launch the new company after the pandemic. Thus, the government is declaring an economic stimulus of $490 billion to restore the economy affected due to the pandemic. The package has more than enough content and scale to deliver a sense of security and hope to the people.’ PM Kishida unveiled information about this new package. Furthermore, he announced that this package is the third financial aid being imparted by the Japanese government. Moreover, Japan declaring a new economic stimulus while other leading nations are shutting down fiscal support appears significant.

This new package would impart $880 to families, comprising members up to 18 years of age or younger. The government would spend $170 billion for this purpose. Besides, the package would also impart support to the businesses affected due to the Coronavirus pandemic. Moreover, nearly $270 billion has been allotted to better the healthcare systems, which would counter any other epidemics that may happen in the future. The Japanese government has allocated $40 billion for public projects and the disaster management programme.

The Japanese government has allocated funds even for the field of defence, alongside civilisation, industrial sector, the healthcare sector. Japan’s leading news website ‘Kyodo News’ reported that Japan had provided an additional $6.7 billion for the defence sector. Two months ago, Japan’s defence ministry had proposed to provide additional defence expenditure to the government. At the time, the ministry had demanded capital over $50 billion. If the funds from the new package get combined with the existing money, the Japanese defence expenditure will reach a record level.

Furthermore, Japan has been consistently raising its defence expenditure to counter the rising Chinese threat over the last decade. Last year, in its defence policy, Japan had mentioned China as a security threat. This year, in its white paper report, Japan explicitly presented the issue of Taiwan’s security and stability and pointed at the Chinese threat.