Japan has been reeling from rising prices since Russia launched its invasion of Ukraine in 2022. Read more at straitstimes.com.
TOKYO - Japanese Prime Minister Fumio Kishida announced a stimulus package worth 17 trillion yen on Thursday, as he tries to ease pressure from inflation and rescue his premiership with his poll ratings at a record low.have been reeling from rising prices since Russia launched its invasion of Ukraine in 2022, pushing up energy costs and putting pressure on the government.
“On the other hand, in the current situation where the rise in wages is not catching up with the rise in prices, it is necessary to support people’s disposable income temporarily so as to avoid moving back to deflation,” he said. The package was approved by the Cabinet on Thursday, and according to public broadcaster NHK, the government plans to submit a draft of the supplementary budget to Parliament in November.
GDP has been slowly picking up speed, with growth of 1.2 per cent between April and June, but it is expected to have contracted since. Unlike other major central banks, the Bank of Japan refused to tighten monetary policy and instead continues to keep interest rates below zero and bond yields ultra-low in a bid to boost economic growth.
Mr Kishida, 66, can govern until 2025, but there has been speculation that he might call a snap election ahead of a likely tough internal leadership vote in his ruling Democratic Party in 2024.
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