Japanese Prime Minister Shinzo Abe has declared a state of emergency to fight coronavirus infections in major population centers, and has unveiled a stimulus package worth 108 trillion yen, or $990 billion.

Japan’s Prime Minister Shinzo Abe

Abe announced the state of emergency targeting the capital Tokyo and six other prefectures — accounting for about 44% of Japan’s population — for a period of about one month, Reuters reported.

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“We have decided to declare a state of emergency because we’ve judged that a fast spread of the coronavirus nationwide would have an enormous impact on lives and the economy,” he told parliament earlier.

His cabinet will also finalize the stimulus package — which is equal to 20% of Japan’s economic output — to cushion the impact of the epidemic on the world’s third-largest economy.

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Source : https://www.cnbc.com/