Japan Announces $4 Billion Coronavirus Package, Not yet Eyeing Extra Budget

A worker, wearing protective face mask following an outbreak of the coronavirus disease (COVID-19), is pictured on an almost empty street in Yokohama’s Chinatown, south of Tokyo, Japan, on March 10, 2020. Edgard Garrido/Reuters

Japan on March 10 announced a second package of measures worth about $4 billion in spending to cope with the fallout to the economy of the coronavirus outbreak, focusing on support for small and mid-sized firms.

The package, totaling 430.8 billion yen ($4.1 billion) in spending, shows how much pressure policymakers are under to bolster fragile growth and stem the risk of corporate bankruptcies, as event cancellations and a slump in tourism threaten to hit the broader economy hard.