The government approved a ¥31.9 trillion second supplementary budget bill Wednesday to deploy another relief package worth over ¥100 trillion to stave off the economic fallout from COVID-19, which has already dragged Japan into a recession.
The new package is aimed at further shoring up defensive steps for individuals and companies that are financially struggling due to the coronavirus. The total amount — made up of the combined spending of central government, local governments and municipalities, and the private sector, as well as loans offered by financial institutions — will be ¥117.1 trillion.
The size is the same as the first stimulus, which was the largest ever and was financed by the first extra budget for the 2020 fiscal year, which passed the Diet about a month ago.