Japanese Cabinet OKs Spending Extra $87.2Bln to Support Economy – Reports
© Sputnik / Anastasia FedotovaGodzilla Statue Unveiled in Central Tokyo
© Sputnik / Anastasia Fedotova
MOSCOW (Sputnik) The Japanese government has approved an extra budget package of 13.2 trillion yen ($87.2 billion) for fiscal year 2023, which end in March, to stimulate the country’s economy and fight inflation, Japanese media reported on Friday.
It is planned to issue government bonds worth nearly 8.9 trillion yen to secure the funding, the media reported. The cabinet is expecting to pass the bill through parliament before the end of November.
The plan, among other things, provides support for low-income families by giving them 70,000 yen by the end of the year, according to the report. The measure is estimated at 1.06 trillion yen.
The package also earmarks 1.33 trillion yen to support small and midsize businesses, 3.44 trillion yen to facilitate the development of strategic areas, including semiconductors manufacturing, and 2.74 trillion yen for curbing inflation, the news outlet reported.
In September, Japanese Prime Minister Fumio Kishida said that the next three years would become a "period of transformation" from an economy based on cost reduction to a model that would focus on labor market growth, higher wages and consumption levels, increased digitalization and support for start-ups. He also said that the government would concentrate on five areas – combating inflation, raising wages and boosting regional development, promoting domestic investment, increasing the birthrate, and strengthening population safety.
30 October, 13:19 GMT