Japan Approves Fresh $1.1 Trillion Stimulus to Combat Pandemic Pain

Two days after the Japanese government lifted a state of emergency due to the COVID-19, people wearing face masks walk in a street in Tokyos Akihabara area, Japan, on May 27, 2020. Charly Triballeau / AFP via Getty Images

TOKYO—Japanese Prime Minister Shinzo Abe’s cabinet approved on Wednesday a new $1.1 trillion stimulus package that includes significant direct spending, to stop the CCP virus pandemic pushing the world’s third-largest economy deeper into recession.

The record stimulus of 117 trillion yen, which will be funded partly by a second extra budget, followed another 117 trillion yen package rolled out last month.