TOKYO : Japan's cabinet approved its first extra budget for this fiscal year on Friday with spending worth US$313 billion to cushion the blow from the COVID-19 pandemic, as the country keeps its stimulus taps open even as other economies close theirs.
Kishida is prioritising economic growth over fiscal reform near-term to encourage citizens to share the fruit of growth under a wealth distribution policy dubbed"new capitalism." Kishida's government will next month compile an annual state budget for fiscal 2022/23, aiming to implement seamless spending over a 16-month period.
The government earmarked 774 billion yen for boosting advanced chip output in the extra budget, including a fund worth 617 billion yen to back production bases over multiple years.
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