Japan to Use 980 Billion Yen in Emergency Funds on Energy Subsidies

Aug 28, 2024 | News On Japan

TOKYO - The Japanese government has decided to allocate nearly the entire 1 trillion yen contingency fund from this fiscal year's budget to cover subsidies for electricity, gas, and gasoline prices that have been resumed and extended.

As part of measures to counter rising prices, the government has restarted subsidies for electricity and gas bills starting this month, which will continue for three months. Additionally, subsidies for gasoline prices are planned to be extended until the end of the year.

It has been confirmed that the government plans to spend approximately ¥980 billion from the Y1 trillion contingency fund set aside in this fiscal year's budget to cover the additional costs of these measures. While this will deplete most of the contingency fund, the decision is expected to be finalized at a Cabinet meeting on September 3.

Initially introduced as a temporary measure to mitigate the impact of sudden price changes, these subsidies have been repeatedly extended, with more than Y10 trillion already spent.

Source: TBS

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