Japan to Boost Stimulus to $1.1 Trillion as Virus Threatens Deeper Recession

Japan boosted its new economic stimulus package on Monday to a record $1.1 trillion to expand cash payouts to its citizens.

People wear face masks at Shinagawa station during the rush hour after the government expanded a state of emergency to include the entire country following the CCP virus (COVID-19) outbreak, in Tokyo, Japan, on April 20, 2020. Kim Kyung-Hoon/File Photo/Reuters

TOKYO—Japan boosted its new economic stimulus package on Monday to a record $1.1 trillion to expand cash payouts to its citizens, as the fallout from the CCP virus pandemic threatens to push the world’s third-largest economy deeper into recession.

Prime Minister Shinzo Abe formally decided the new stimulus less than two weeks after his cabinet approved an earlier plan to spend 108.2 trillion yen ($1 trillion), which had detailed payouts of 300,000 yen to households with sharp drops in income.