Japan Plans Record 60 Trillion Yen Stimulus as Virus Spreads (2)

Japan’s ruling party proposed the country’s biggest-ever stimulus package worth 60 trillion yen ($554 billion) as the spreading coronavirus locks the economy in a recession.

The sum includes 20 trillion yen in fiscal measures with private initiatives and other elements likely making up the rest, according to the proposal by the Liberal Democratic Party on Tuesday. More than 10 trillion yen, or the equivalent of a 5 percentage point cut in the sales tax rate, would be handed out to the public in a combination of cash, subsidies and coupons, according to the plan.

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