Japan's $88 billion extra budget clears lower house

TOKYO, Nov 25 (Reuters) - Japan passed on Friday an extra budget worth around 13.1 trillion yen ($88 billion) aimed at helping households cope with the rising cost of living and corporations boost domestic investment, even amid concerns over the country's worsening finances.

The government plans to issue about 8.9 trillion yen in new bonds in the extra budget to fund an economic package featuring temporary cuts to income tax, payouts to low-income families and subsidies to curb gasoline and utility bills.

The government will also allocate roughly 2 trillion yen to support efforts to boost its chip industry, marking the latest move by the Asian nation to reclaim its past glory in the critical sector.

The additional issuance would bring total Japanese government bond (JGB) issuance for this fiscal year to around 44.5 trillion yen.

The extra budget bill will be sent to the upper house for further debate and final approval as early as next week. ...continue reading

Source: ANNnewsCH

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