TOKYO :Japanese Prime Minister Fumio Kishida has ordered the ruling coalition to draft additional measures over the next two weeks to counter price hikes, Kyodo news agency reported on Friday, a move aimed at bolstering a fragile post-COVID economic recovery.
A global economic slowdown due to sweeping interest rate increases across many countries, led by the U.S. Federal Reserve, has dragged on growth in Japan and undercut hopes for a quick post-COVID revival. Kishida asked LDP and its small coalition ally Komeito party to compile their measures and make the proposal to the government by March 17, Kyodo reported.
The new measures, if adopted, will come on top of a 39 trillion yen fiscal package unveiled in October to curb the impact of inflation for households and businesses, including steps such as subsidies to cut retail electricity bills by 20 per cent.
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