Japan proposes record stimulus package to fix ailing economy

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s prime minister has outlined a record 56 trillion yen, or $490 billion stimulus package, including cash handouts and aid to ailing businesses, to help the economy out of the doldrums worsened by the coronavirus pandemic. The plan includes doling out 100,000 yen, or $880, each in monetary assistance to those 18 years or younger, and aid for ailing businesses. It’s set for Cabinet approval later Friday and needs approval by the parliament when it convenes next month. Although Japan has never had a lockdown, and infection cases have been kept relatively low, the world’s third largest economy has suffered.