Japan unveils $200bn package to combat highest inflation in decades

Oct 29, 2022 | News On Japan

TOKYO - Japan on Friday unveiled an economic package worth about $200 billion to cushion the highest inflation seen in decades, as households and some businesses feel the impact of a weak yen.

Announcing the plan, Prime Minister Fumio Kishida told reporters that his government "will protect people's livelihoods from high prices through effective and drastic easing measures," emphasizing the need to target energy prices, which he said are "the main cause of the price surge."

Kishida said his government has decided to take a top-down approach to brace against uncertainty and risks in the world economy. He also suggested it would be possible to use current conditions including the weak home currency to Japan's advantage, spurring opportunities for growth.

"We are preparing various policies under the notion that the economy must be strengthened in the face of the exchange situation," Kishida said. "It must remain strong even in the midst of fluctuating exchange rates."

The economic package is to be backed by a supplementary budget worth 29.1 trillion yen (about $200 billion). It will cover a wide range of measures to help lower prices of energy and food, while giving a fillip to promising fields like environmental and digital technology. ...continue reading

Source: ANNnewsCH

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