Japan Cabinet OKs record stimulus package to fix economy

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s Cabinet has approved 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 still needs approval by the parliament, which will convene 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.