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Japan approved a $200 billion economic package to ease the household burden due to inflation
Posted on November 8, 2022 |
- In Japan, inflation is rising along with globally surging prices and the weakening of the yen against the dollar has amplified costs for imports.
- Japan is using fiscal measures, or government spending, to counter current economic challenges which are keeping the country's inflation moderate at 3% but the greater fear is that the economy will stall, not overheat.
- The overall size of the package with private-sector funding and fiscal measures is expected to reach 71.6 trillion yen ($490 trillion).
- The plan contains 45,000 yen ($300) subsidies for household electricity and gas bills and coupons worth 100,000 yen ($680) for women who are pregnant or raising babies.
- The package will need to issue more government bonds, further weakening Japan’s national debt as the country's long-term debt exceeds 1.2 quadrillion yen ($8.2 trillion).