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Japan announces $113 billion package to mitigate inflation impact

Posted on November 3, 2023 |

Japan allocated a substantial $113 billion to address the economic challenges posed by inflation, including tax reductions.

To secure part of the necessary funds, the government is creating a supplementary budget of 13.1 trillion yen for the current fiscal year.

When accounting for contributions from local governments and state-backed loans, the total package amounts to 21.8 trillion yen.

The measures within this package involve temporary cuts to income and residential taxes, as well as subsidies aimed at alleviating the financial strain caused by rising gasoline and utility costs due to inflation.

Inflation, driven by increasing raw material expenses, has remained above the central bank's 2% target for over a year.

This has impacted consumer spending and created uncertainty regarding Japan's post-COVID-19 economic recovery.

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