Japan plans to spend over $112B for steps to combat inflation pain

A woman points at the high prices of fruits at a market in Tokyo, Japan March 3, 2023. REUTERS/Androniki Christodoulou/ File photo

TOKYO  -Japan’s government is considering spending over 17 trillion yen ($112 billion) in a package of measures to cushion the economic blow from rising inflation, a draft of the package obtained by Reuters showed on Wednesday.

To fund part of the spending, the government will compile a supplementary budget for the current fiscal year sized around 13.1 trillion yen, according to the draft.

The daily Asahi Shimbun reported earlier on Wednesday the package of measures will likely be sized around 17 trillion yen.

Prime Minister Fumio Kishida said last week his government hoped to compile the package on Nov. 2, with measures including temporary cuts to income and residential taxes as well as subsidies to curb gasoline and utility bills.

($1 = 151.2400 yen)