Japan Approves Emergency Spending Package to Tackle Rising Living Costs
Prime Minister Sanae Takaichi authorized the package after a series of high-level meetings in Tokyo, as stated by reports.
The stimulus program includes direct cash payments to low-income families and extends subsidies for electricity and gas bills through the end of the second quarter of 2026.
The decision follows government data released last week showing that rice prices surged 27.9% in January, marking the sharpest increase in decades.
Opposition lawmakers criticized the package as inadequate, pointing out that it depends heavily on new debt issuance in an economy where the debt-to-GDP ratio is around 240%.
Finance Ministry officials indicated that 2.2 trillion yen ($14.1 billion) of the total package will be used to stabilize petrol prices, aiming to keep fuel costs below a designated ceiling.
The Cabinet is expected to formally request parliamentary approval on Friday for the necessary budget adjustments to implement the measures immediately.
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