URGENT: Japan to spend record 55.7 trillion yen for economic stimulus

© Kyodo News

Japan will spend a record 55.7 trillion yen ($488 billion) on an economic stimulus package aimed at easing the impact from the coronavirus pandemic, a government source said Thursday.

Including private sector funds, the package, to be approved by the Cabinet on Friday, will be worth 78.9 trillion yen.

The package has turned out to be larger than expected as the government of Prime Minister Fumio Kishida will increase support for households and companies in an attempt to meet his goal of redistributing wealth.