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Japan's Prime Minister Shinzo Abe speaks at a news conference on Japan's response to the coronavirus disease (COVID-19), in Tokyo, Japan May 25, 2020. REUTERS/Kim Kyung-Hoon/Pool

Japan PM vows to back corporate financing with second extra budget

TOKYO: Japan's government will provide 140 trillion yen (US$1.3 trillion) to back financing of Japanese firms hit by the economic fallout from the coronavirus pandemic when it compiles on Wednesday (May 27) a second extra budget for the current fiscal year, Prime Minister Shinzo Abe said.

When combined, the first and second extra budgets will feature fiscal spending totalling 120 trillion yen, with the overall size of the packages exceeding 230 trillion yen, Abe told a meeting of government officials and ruling party lawmakers.

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