Japan Cabinet to OK 29.1 tril. yen extra budget for economic package

Published by
Kyodo News

Japan’s Cabinet on Tuesday will approve an extra budget for the current fiscal year to spend 29.1 trillion yen ($199 billion) on an economic package designed to mitigate the pain on households and businesses of rising prices, exacerbated by a weaker yen. To secure the necessary funding, the government is expected to issue bonds worth about 22.8 trillion yen, putting fiscal restoration on the backburner further despite its debt already more than twice the size of its economy. The key feature of the economic package is reducing utility bills for Japanese households. The average household would s…

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