Japan: Allocating economic package to combat inflation.

SGGP 03/11/2023 09:28

On November 2nd, Japanese Prime Minister Fumio Kishida announced that the Japanese government would spend more than 17 trillion yen (US$113 billion) on an economic package aimed at mitigating the effects of rising inflation.

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According to Reuters, Kishida said the 17 trillion yen includes temporary cuts to income and household taxes, as well as subsidies for gasoline and utilities. Inflation, partly due to rising raw material costs, has exceeded the Bank of Japan's 2% target for more than a year, putting pressure on consumption and dimming prospects for recovery after the Covid-19 pandemic.

Rising living costs are partly believed to be the reason for Kishida's declining approval rating, putting pressure on the prime minister to take steps to ease the burden on households. With wage increases too slow to offset rising prices, Kishida said the government would mitigate the impact by returning a portion of tax money to households.

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