Japanese Prime Minister Shinzo Abe said Monday the government plans to declare a state of emergency and proposed a stimulus package worth $1 trillion as new coronavirus infections spike in Tokyo and elsewhere.

"We hope to declare a state of emergency as early as tomorrow after listening to the opinions of the advisory panel," Abe told reporters. 

He added the government would roll out a stimulus package worth around 108 trillion yen to cushion the damage to the world's third-biggest economy.