The Japanese government will spend over 17 trillion yen, or $113 billion, on a package of measures to cushion the economic blow from inflation.
Fumio Kishida, Japan's prime minister, reacts while delivering a policy speech during an extraordinary session at the lower house of parliament in Tokyo, Japan, on Monday, Oct. 23, 2023.Japanese Prime Minister Fumio Kishida said on Thursday the government will spend over 17 trillion yen, or $113 billion, on a package of measures to cushion the economic blow from inflation, which will include tax cuts.
Including spending by local governments and state-backed loans, the size of the package will total 21.8 trillion yen. Inflation, fueled by rising costs of raw materials, has kept above the central bank's target of 2% for more than a year, weighing on consumption and clouding the outlook for an economy making a delayed recovery from scars left by Covid-19.
With increases in wages proving too slow to offset rising prices, Kishida had said the government will cushion the blow by returning to households some of the expected increase in tax revenues generated by solid economic growth.Analysts, however, doubt whether the roughly 5 trillion yen to be spent on tax cuts and payouts would do much to boost consumption and Japan's economic growth.
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