Thursday, April 9, 2020

Japan Pays Billions To Firms To Leave China, Relocate Production Elsewhere

Via Billy

TOKYO, JAPAN - APRIL 07: Japan's Prime Minister Shinzo Abe speaks during a press conference at the prime minister's official residence on April 07, 2020 in Tokyo, Japan. The Japanese Prime Minister has declared a state of emergency that will cover 7 of Japan’s 47 prefectures, including Tokyo and Osaka, as the Covid-19 coronavirus outbreak continues to spread in the country. The move will allow affected prefectures to take measures including expropriating private land and buildings and requisitioning medical supplies and food from companies that refuse to sell them.

Japan has earmarked hundreds of billions of yen of its coronavirus stimulus relief to go toward helping its manufacturing companies move their production plants out of communist China and back to Japan or to other countries.“The extra budget, compiled to try to offset the devastating effects of the pandemic, includes 220 billion yen (US$2 billion) for companies shifting production back to Japan and 23.5 billion yen for those seeking to move production to other countries, according to details of the plan posted online,” Bloomberg News reported.

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