Economics
Japan Passes $298 Billion Second Extra Budget Amid Pandemic
- Aid goes to help struggling firms and support medical system
- Japan’s extra spending already prompted S&P to lower outlook
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Japan’s parliament passed a record 31.9 trillion yen ($298 billion) extra budget Friday in an effort to shore up the economy amid the coronavirus pandemic.
The new spending provides financing help for struggling companies, payroll subsidies and aid to the medical system. The budget will help fund a 117 trillion yen stimulus package unveiled last month that doubles the scale of Japan’s virus response.