Japan's Prime Minister Shinzo Abe on Saturday promised an unprecedented package of steps to cushion the world's third-biggest economy from the coronavirus pandemic, saying the country was close to a national emergency as infections surged.
Abe said the "huge, powerful" measures will include fiscal stimulus, monetary steps and tax breaks for companies. "The pandemic is inflicting extremely big damage to Japan's economy," he said. "We'll deploy a huge, powerful package that will include a full range of fiscal, monetary and tax measures."
The size of the package will exceed that compiled in response to the global financial crisis of 2008, which was worth a total 57 trillion yen (528 billion U.S. dollars), Abe said.
"We are in a critical stage. We need to be ready for a long-term battle," Abe said in a nationally televised news conference, adding: "I want to be straightforward about that."
Infections in Japan have climbed to more than 1,500, with 52 deaths, excluding those from a cruise ship quarantined last month, according to public broadcaster NHK.
Officials confirmed a further 63 cases in Tokyo and on Saturday announced 57 new coronavirus cases at a center for the disabled in Chiba prefecture near the capital, NHK said.
The government will come up with a supplementary budget within 10 days and try to get it through parliament at the earliest date possible, Abe said.
Part of the measures will include arrangements so that "small- and mid-sized companies can borrow at zero interest from private financial institutions," he added.
"We will also create a new scheme to offer cash payouts," he said, adding this would be directed at households and companies that need it the most.