Japan comes up with a third support package for the economy of 708 billion dollars, Japan’s Prime Minister Yoshihide Suga announced. More than half of the amount goes to loans, investment and public expenditure.

It is the first support package that Suga, which took office in mid-September, announces for Japan’s economy. There have already been two previous support packages worth 58 trillion yen. The extra money must preserve jobs and save businesses, restore the economy and provide new opportunities for sustainable and digital growth, says Suga. The money is also intended to support medical facilities and nursing homes for the elderly.

Further details will be published. The government is reported to come up with an additional budget for the current fiscal year of around 20 trillion yen to help finance the additional aid. Earlier reports came out that extra money would go to health care, but also that single-parent families would get extra money and companies would be helped to adapt their business models to the coronation period.

Japan is struggling with a third wave of the outbreak of the coronavirus. The prime minister is also under attack for a grant to encourage travel. Critics say it has exacerbated the spread of the virus.

In the third quarter, Japan’s economy grew stronger than expected, due to higher consumer spending during the summer. Japan’s gross domestic product grew by 5.3 percent compared to the previous quarter, according to a government report. Economists had expected a 5 percent growth rate.

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