Latest News

Japan planning $87 bln extra budget plan to fund stimulus bundle, paper states

The Japanese federal government is making plans to compile an extra budget of about 13.5 trillion yen ($ 87 billion) to fund a stimulus bundle to aid lowincome households and offset increasing costs, media reported.

Under the strategy, the government would provide 30,000 yen ($ 193) to low-income homes that are exempt from domestic taxes and 20,000 yen per kid for households with families, the Sankei paper reported late on Wednesday.

It is also thinking about rebooting subsidies for electricity and gas rates for three months from January to respond to high fuel costs, three sources familiar with the matter informed Reuters.

The aids were discontinued late last month.

Tokyo is considering slowly phasing out different subsidies for fuel fuels, which were originally arranged to end in December, the sources said.

The federal government has actually invested 11 trillion yen over 3 years to aid relieve the effect of rising energy costs and gas prices on households.

Prime Minister Shigeru Ishiba is looking to settle the stimulus package on Nov. 22, according to the sources.

The plans may alter depending upon conversations with opposition celebrations, however, after last month's snap election left the judgment Liberal Democratic Celebration (LDP) and its coalition partner Komeito leading a delicate minority federal government.

(source: Reuters)