“To speed up our recovery [from natural disasters], deal with risks from abroad and accelerate productivity growth, we are formulating an economic plan along the lines of a 15-month budget,” said Yoshihide Suga, Japan’s chief cabinet secretary.

It would be Japan’s first economic stimulus package since 2016.

The BOJ has already cut overnight interest rates to -0.1% and purchased trillions of yen worth of government bonds but the flat yield curve now makes it hard for banks and insurers to turn a profit.

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