The Liberal Democratic Party is calling for a ¥60 trillion ($556 billion) stimulus package to help households and small businesses survive the fallout from the coronavirus outbreak.

Prime Minister Shinzo Abe, who has warned of a prolonged battle against the COVID-19 pandemic, has pledged to compile the "boldest-ever" package and one that would exceed the ¥56.8 trillion stimulus in response to the 2008 global financial crisis.

His administration plans to finalize the details by early April and secure funding in a supplemental budget for fiscal 2020.