Japan plans to roll out stimulus package to boost economy amid COVID-19 crisis

Japan is planning to offer a stimulus pack that would help government tackle ecomic fallout from coronavirus outbreak. According to reports, Japanese government will probably hand out cash payouts to households that could be worth more than $260 billion. efforts will be part of government's plan to avoid a possible recession that experts are predicting across globe. 

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Ecomy Minister Yasutoshi Nishimura after a cabinet meeting on Thursday said that stimulus pack will be bold eugh to repel ecomic crisis that will potentially be more serious than 2008 Lehman Brors collapse. stimulus pack is likely to be compiled by government in April, media reports suggested.  

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If ecomic pack worth $260 billion is rolled out that would be more than 26 trillion-yen pack Japanese government compiled in December last year to avoid financial hit from US-China tre war on an export-reliant ecomy. As per reports, some lawmakers from Japan's ruling party proposed a roll-back of 10 per cent sales tax to which Finance minister Taro Aso said that it is highly unlikely because of time it will take to tify public and get retailers rey. 

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A similar stimulus pack is being proposed around world to handle ecomic fallout of coronavirus. According to reports, United States has proposed a $1 trillion rescue plan to boost ecomy after crisis is over. As per reports, proposed rescue plan would see a possible $300 billion in helping small businesses avoid mass layoffs, $50 billion to help airline industry and $150 billion to protect or sectors. United Kingdom also unveiled a multi-billion pound rescue plan for its businesses and support people's finances in se hard times. 

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Coronavirus outbreak

COVID-19 has claimed more than 8,900 lives across world and has infected over 2,19,000 people globally since it first broke out in December 2019. China is most affected country in world as experts believe that virus originated from a seafood market in Wuhan city, epicentre of disease, where animals were reportedly being tred illegally. Italy, Iran and Spain are most affected countries outside mainland China, where, as of March 17 combined death toll stands at 4,751.