Japan's stimulus package spending to hit record $488 bn due to Covid blow

Japan's new stimulus package will include record spending of about $488 billion due to huge payouts to cushion the economic blow from the COVID-19 pandemic, the Nikkei newspaper reported on Thursday.

The massive spending would underscore Prime Minister Fumio Kishida's resolve to focus on reflating the economy and redistributing wealth to households and small firms still suffering from the coronavirus pandemic's pain.

The government will likely issue new debt to finance part of the 55.7 trillion yen ($488 billion) in spending, which would exceed two big packages compiled last year, the paper said without citing sources.

The total package, which includes funds that