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Japan Intends To Give $880 To People Aged 18 And Under

Japan Intends To Give $880 To People Aged 18 And Under

Touchaheart Nigeria reports that as part of an economic stimulus plan aimed at mitigating the impact of the COVID-19 pandemic, Japan proposes to provide 100,000 yen ($880) in cash, vouchers, or a mix of both to people aged 18 and under.

By the end of the month, a massive economic stimulus program costing hundreds of billions of dollars will be unveiled.

Around spring 2022, under the plan, households will be entitled to receive 100,000 yen each child, regardless of household income.

According to the Yomiuri newspaper on Friday, Nov. 5, the government will use its reserves in state coffers to fund the cash handouts, implying that the proposal will not result in a massive issue of government debt.

The administration of new Prime Minister Fumio Kishida is also proposing cash handouts to low-income households and temporary workers, according to the daily, with details still being worked out by the ruling party.

“Compared with the previous blanket payout covering all households, more of the money could be funnelled into consumer spending this time because it targets those in need of cash,” said Masato Koike, senior economist at Dai-ichi Life Research Institute.

But some are skeptical about how effective the handouts will be in boosting the economy. When the government gave away the same amount to all residents in Japan in April 2020, most chose to save it rather than spend, creating little stimulus to the economy.

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