Japan unveils $113 billion package to cushion inflation

TOKYO, Nov 02 (cnbc.com) - 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.

To fund part of the spending, the government will compile a supplementary budget for the current fiscal year of 13.1 trillion yen, Kishida told reporters.

Including spending by local governments and state-backed loans, the size of the package will total 21.8 trillion yen.

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. ...continue reading

Source: ANNnewsCH

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