TOKYO: The Japanese government said on Friday it will compile an extra budget worth 29.6 trillion yen to fund a fresh spending package to cushion the economic blow to households and businesses from accelerating inflation.
"Our focus is to respond to rising prices, the weak yen, as well as promoting investment to raise wages and economic growth," Prime Minister Fumio Kishida said before the package was finalised and approved by the cabinet. Under the package, the government will introduce subsidies to cut household electricity bills by roughly 20 per cent from January to September next year.Combined, these and other steps were likely to suppress the nationwide overall consumer price index by around 1.2 percentage points between January and September next year, a government estimate showed.
"The Bank of Japan's extraordinary monetary easing and the government's expansionary fiscal spending create a policy mix that erodes market trust in the yen," said Kiuchi, a former BOJ board member."This could accelerate unwelcome yen falls."
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