Japan's Cabinet Approves Economic Package
The Japanese government has approved an economic package at a special meeting of the Cabinet.
Japanese Prime Minister Kishida Fumio said, "This is a comprehensive economic package aimed at overcoming rising prices and reviving the economy. We will implement both price measures and stimulus measures to protect people's livelihoods and businesses. We will also strengthen the economy for the future."
Kishida said that the government has decided to spend about 39 trillion yen, or nearly 270 billion dollars.
Electricity bills have been ballooning and the government wants to bring them down by about 20 percent. It plans to start a subsidy of about 5 cents per kilowatt hour in January.
And it is planning a subsidy for natural gas used by households and businesses of about 20 cents per cubic meter.
The package will also strengthen subsidies to oil wholesalers in the first half of the next fiscal year in order to curb rising fuel prices.
Families raising young children will get around 700 dollars in support.
The government will next draw up a supplementary budget bill to fund the economic package. It plans to do that next month, so the Diet can pass the bill during its current extraordinary session.