Japanese Prime Minister Yoshihide Suga today announced Japan would formulate an additional economic stimulus package, Xinhua news agency reported.
The new stimulus package will cover fiscal spending and initiatives aimed at reducing carbon emissions as well as increasing digital technology worth 40 trillion yen.
"We will defend our jobs, continue our business, revive the economy and pave the way for growth, including through green and digital technology," Suga said at government and government parties.
Bernama reported that the US $ 708 billion package was compiled to help reduce the negative impact on the economy due to COVID-19.
The cabinet is expected to approve the stimulus package in the near future.
Earlier, two stimulus packages announced this year amounting to US $ 2.2 trillion were implemented to reduce the burden of households and businesses from the effects of the pandemic.
Japan, the world's third-largest economy, bounced back in July-September from its worst contraction in the second quarter of this year, although analysts expect the third wave of Covid-19 infection to slow economic recovery.
