Japan is planning a record half-trillion dollar stimulus package to cushion the blow from the global health crisis.

That's in contrast to the global trend of withdrawing crisis-mode stimulus measures - and will likely further strain Japan's tattered finances.

It's also set to include a record defense spending budget in response to increased Chinese militarization in the Asia-Pacific.

Japanese Prime Minister Fumio Kishida announced plans for the package on Friday:

"The scale of this stimulus package is about $490 billion in fiscal spending. The content and scale are sufficient to deliver a sense of relief and hope to Japanese citizens."

Japan's spending has ballooned this year due to a slew of spending packages which have left it with long-term debt roughly double the size of its $5 trillion economy.

Policymakers hope this round of stimulus will help rejuvenate the economy, which shrank more than expected in the third quarter due to a dent in consumption and exports as well as global supply disruptions.