In order to spend 29.1 trillion yen ($199 billion) on an economic package aimed at reducing the impact of price increases on people and businesses, which was made worse by the local currency’s depreciation, the Japanese cabinet announced today, Tuesday, that it will ratify an additional budget for the current fiscal year.
The Japanese Kyodo Agency reported that in order to secure the necessary funding, the government is expected to issue bonds of about 22. 8 trillion yen.
It is noteworthy that the primary goal of the rescue package is to lower utility costs for Japanese consumers. When the package is implemented, the average person will pay around 45,000 yen between January and September in order to offset the lower power and gas prices.
In order for the new budget plan to be approved by Parliament before the current session ends in early December, it is anticipated that the government would propose it to it in the middle of this month.
Japan plans to approve an additional $ 199 billion in spending.
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