TOKYO: Japan's latest economic stimulus package to cushion the blow from the coronavirus pandemic will likely boost the economy most strongly in fiscal 2021, Economy Minister Yasutoshi Nishimura said on Tuesday.

The $708 billion stimulus package, which was endorsed by the cabinet last week, is expected to boost gross domestic product by around 0.5% in the current fiscal year through March, 2.5% in fiscal 2021, and 0.6% from fiscal 2022 onwards, Nishimura told reporters.