Japan Unveils USD 700 Billion Stimulus Package

On December 8, 2020, Japanese Prime Minister Yoshihide Suga announced a new USD 708 billion economic stimulus package. The package will comprise about USD 384.5 billion in direct fiscal spending and initiatives aiming at reducing carbon emissions and fostering digital innovation. For example, USD 19.2 billion is earmarked for a fund to promote carbon neutrality by 2050, and USD 9.6 billion will be spent on accelerating the digital transformation. Prime Minister Suga said about the package:

“We have compiled the new measures to maintain employment, sustain business and restore the economy and open a way to achieve new growth in green and digital areas, so as to protect people’s lives and livelihoods.”