Japan plans to launch a new round of economic stimulus package is expected to exceed 265 billion US dollars

The Japanese government is considering a new stimulus package worth more than 30 trillion yen ($265 billion) aimed at mitigating the losses caused by the novel coronavirus epidemic, which will require the issuance of new debt, according to media reports.

The media reported late on Sunday that some of the spending would come from last year's budget carry-over. The report also said that a government group responsible for drawing up a blueprint for what Japanese Prime Minister Fumio Kishida called a new capitalist model is expected to release proposals on Monday to lay the foundation for the planned economic stimulus package.

Japanese Prime Minister Fumio Kishida has previously promised a large-scale economic stimulus package this month and said the government's goal is to be passed by parliament by the end of the year. However, Mr Kishida gave no clues about the size of potential spending or the size of the additional debt.

In addition, media reported last week that as part of the stimulus package, the government would hand out about 2 trillion yen in cash subsidies to families with children, equivalent to 100000 yen per child.