Amid talks surrounding the compilation of the third additional budget, Yoichi Takahashi, one of the Japanese Prime Minister Yoshihide Suga’s six new economic advisers, said that government needs to spend 40 trillion yen ($384 billion) in its third extra budget to combat the coronavirus pandemic blow on the economy.
Key quotes (via Bloomberg)
“A stimulus plan being drafted now should be more than double the size expected by investors if it is to prevent mass job losses and thousands of suicides.”
“The number may surprise people but, theoretically speaking, it’s needed.”
“We need to put the fire out before it spreads to more rooms.”
“The current output gap means over a million people will lose their jobs within six months if nothing is done.”
“The math shows that would lead to around 6,000 suicides.”
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