Japan's Prime Minister Shinzo Abe speaks during a meeting of government and ruling party officials at his office in Tokyo Wednesday, May 27, 2020.
Japans Cabinet has approved a proposed 32 trillion-yen ($296 billion) supplementary budget to help fund measures to cushion the blow to the economy from the coronavirus pandemic.
(Kyodo News via AP)TOKYO Japans Cabinet approved a proposed 32 trillion-yen ($296 billion) supplementary budget Wednesday to help fund $1.1 trillion in measures to cushion the blow to the economy from the coronavirus pandemic.
Japans economy, the worlds third largest, slipped into recession in the last quarter and was already slowing before the pandemic hit thanks to weakening global demand and consumer spending.
The virtual shutdown of tourism has also taken a huge toll, while the global economic fallout from the pandemic is hammering businesses everywhere.