Japan compiles ¥73.6 tril new stimulus package to fight pandemic

The Japanese government's additional stimulus package will be worth 73 trillion yen, government sources said Monday, as the country continues to grapple with the economic fallout from the novel coronavirus pandemic.

Then:

The package will include 5.9 trillion yen for measures related to curbing the spread of the coronavirus, the sources said.

I wish the article had tabulated how much would trickle down to the public and how much of that total would go to subsidize things that are going to spread the virus. With the LDP the priority is always crony capitalist welfare.

Who's getting this money?

Good question...Workers are certainly not getting more job security, nor richer, but the stock market is going gang busters.

I would have thought more money towards reshoring 'tech', 'IP' and 'chemicals' manufacturing should be on the agenda, given security AND economic risk profiles.

how much of that total would go to subsidize things that are going to spread the virus. 

spot on Dagon! How much will be spent on spreading the disease with stupid GotoTravel, GotoOlympics, GotoGym campaigns! All in the name of economics! money, money, money, as if they can somehow monetize this virus, and still earn some tax dollars from it!

Why no money for bonuses for the front line medical staff working in the Corona wards? They work 12 hour shifts with no breaks in full protective gear with a high probability of getting infected. No wonder they can't find staff.

Meanwhile Suga worries about ryokan who charge 5 man (and more) per person per night subsidizing customers who can already afford it.

The government will extend until late February a special measure to boost financial assistance to companies that have been forced to furlough employees due to worsening business conditions amid the pandemic.

I know my business doesn't qualify because I am not dentsu,jtb, jal .Ana or nissan.

This is blatant robbery of taxpayers!!!

Most of these money are going to the likes of Dentsu and JTB, then kicked back to the political families. Normal Japanese would be lucky to see even 1% of that money, and taxes will increase in the future due to this. The politicians are literally robbing the Japanese people dry this year.

So sad that the Japanese voters are completely fine with these political families robbing them dry of their tax dollars.

Better start buying Dentsu/JTB stock, because they about to get a windfall from this "stimulus"

That has probably to be already a very strong dark-green now, with all that megatons of corona garbage like gloves, masks, hazard suites etc. and required deep-freezing of billions of vaccine bottles.

Why no money for bonuses for the front line medical staff working in the Corona wards?

Because a bonus in any percentage of their low wages would still so little that you can’t support the economy with that little pocket money. In addition, they are busy and exhausted, not having any time and power anymore to go shopping and spending such money. Not that I am against, of course not, but it’s useless. To give it the riches is equally useless, they only play around with some ETFs and blockchain coins either.

After a while all this extra "money" (debt) ceases to have any meaning because there's never any intention to pay it all back. Where's it all going? For all that it's worth, I may as well start my own Central Bank of the Republic of Kyronstavic based on the silver ingots in the safety deposit box. It least the money would have some real value. Not much, but more than the funny money Suga, Kurodaand the rest are printing.

Many medical workers in Japan had sacrificed personal life to respond Covid-19 since this January.

And Japan's medical services reached to the limit by domestic travel campaign of Suga government who neglected to reinforce domestic medical services. domestic victim per day is over first or second wave.

But, inhuman Suga government still prioritizes economy than medical services about even budget.

Total number of infected people in Japan are about to reach to two times of China.

Who's getting this money?

Google “Amukurade” or however you spell it.

December will the only month I have not used GoToTravel. Great program. Got trip number 8 coming up first week of January.

If you have time off utilize the program and help support those in need.

I forgot to mention that the fabulous ¥1000 coupons they give you are only good for the areas you travel too and that is a plus. The prefectures and or cities are printed on the bottom left of the coupons. We got 28 of them for our last trip.

You cannot use them from your source of origin. Only at the destinations. So it really makes sense to put some extra distancing on your plans so you can use those coupons.

I paid a lot in taxes over the years so do not feel guilty about getting some back for once.

If there are foreigners in Japan wondering how the benefits of such a stimulus might aid them, all I can suggest is to start saving for a ticket home as Japan won’t help you....

Got trip number 8 coming up first week of January.

Next one will be number 9, in two weeks! We go to nearby prefectures so we have made many new friends in local izakaya’s we would never meet.

¥3000 shopping is only allowed local shops. Great feeling. Cheap. Safe.

@GoodLuckToYou: Number 9? You got me beat, but we are setting up number nine for the end of January at this moment. Want to go to Rabbit Island agin and bring more pellets and Timothy hay for the poor feral rabbits. Only one hotel on the island and most of the rooms do not have private showers so we are in contact with the management to try to get that.

I am glad to see others use the GoToTravel program. Have fun.

Can tell that most people don't understand economics or how an economy closed down for the past year, businesses closed down, people scared and confused.... Giving individuals more money (which they did before), won't be enough to restart Japan!

PS

This approach is being taken by many other countries in the West. Japan is not the only one doing this.

fueling fear of further deterioration in its fiscal health.

Fear? It’s reality. The government was out of control before this particular crisis and they’ve lost it now in all the excitement.

The only ways I can envisage this debt ever being paid off is either through:

You forgot 3):

3) due to the tremendous success of central government planning, the economy grows significantly and boosts tax revenues so much that the budget deficit is eliminated, just as Abe and Suga hoped

.... hahaha, as if!!

Since the government can’t raise tax rates nor cut spending by 40% for being so completely gutless and spineless, I’ll go with your 2) option for inflation.

The BoJ and the money it creates, backed by a balance sheet loaded with trash public debt that won’t stop growing and is only to be repaid by more freshly issued debt.... keep dancing Japan!

an other fake money package out of the Gameboy. would like to see the distribution breakdown.

@zichi

If a loan is needed then I guess an interest free loan is the best one can receive.

However, I have not needed to resort to a loan myself.

Due to the various I’ll conceived pronouncements from the central and local governments, my day to day business is being threatened.

In Japan, the vaccine for Japan is still a long way off

Travel is important for one of my businesses and the inability to smoothly do so has greatly diminished.

Therefore, I’ll be back in the UK next Spring to take advantage of the business uptick.

The Summer should see the virus gradually recede and Japan will experience the same regrowth, at which time I will be back here.