Japan plans to lift all restrictions and announces new stimulus package

Japan plans to lift all restrictions and announces new stimulus package

The Japanese authorities have unveiled their plan for lifting all quarantine measures and the implementation of a new stimulus package. According to the document, all previously introduced restrictions will be removed in five Japanese prefectures. Moreover, quarantine has already been over in three western prefectures. Only Tokyo, Kanagawa, Saitama, Chiba, and Hokkaido still remain under lockdown. Lifting of restrictions will occur in several stages. Libraries and museums will open first followed by restaurants, theaters, cinemas, and large shopping malls. In addition, each Japanese citizen will receive 100,000 yen ($930) from the government as an additional step to mitigate the impact of the coronavirus impact. Interestingly, even prisoners will be given financial aid. The Japanese government expects that injection of cash into the financial system will help to revive the economy which has already slipped into recession. Besides, Japan’s economy is projected to slow down by 22% in the second quarter.  Independent observers suggest that such measures are unlikely to be beneficial for the country. On the contrary, they can cause serious fiscal problems.


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