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Japan to spend over $112 bln for steps to combat inflation pain: draft

Japan to spend over $112 bln for steps to combat inflation pain: draft

Wednesday, November 01, 2023, 14:13 GMT+7
Japan to spend over $112 bln for steps to combat inflation pain: draft
A file photo shows a woman pointing at the high prices of fruits at a market in Tokyo, Japan March 3, 2023. Photo: Reuters

TOKYO -- Japan's government is considering spending over 17 trillion yen ($112 billion) in a package of measures to cushion the economic blow from rising inflation, a draft of the package obtained by Reuters showed on Wednesday.

To fund part of the spending, the government will compile a supplementary budget for the current fiscal year sized around 13.1 trillion yen, according to the draft.

The daily Asahi Shimbun reported earlier on Wednesday the package of measures will likely be sized around 17 trillion yen.

Prime Minister Fumio Kishida said last week his government hoped to compile the package on November 2, with measures including temporary cuts to income and residential taxes as well as subsidies to curb gasoline and utility bills.

Reuters

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