Lower House Passes Second Supplementary Budget Bill To Tackle Inflation

Lower House passes second supplementary budget bill to tackle inflation

Japan's Lower House has passed a second supplementary budget for the current fiscal year to tackle soaring prices. The bill was sent to the Upper House.

The budget passed on Tuesday totals about 28.9 trillion yen, or about 209 billion dollars, including funding for measures to ease the burden of surging electricity and gas bills for households and companies.

The government also plans to provide financial assistance equivalent to 100,000 yen, or about 700 dollars, for pregnancy and childbirth.

A reserve fund of about 4.7 trillion yen, or about 34 billion dollars, is set aside for measures against the coronavirus, inflation and others.

In a Lower House budget committee meeting held earlier in the day, Prime Minister Kishida Fumio said prices are rising mainly for energy and food, and that the government is focusing on those areas to take swift and detailed action. He said the comprehensive economic measures were drawn up after preparation of various policies on matters including allowances and subsidies.

In the Lower House session, the Constitutional Democratic Party said a budget proposal to restore Cabinet support, which continues to decline after the resignation of three ministers, does not respond to the people's earnest voices.