Japan unveils $283b in new spending to ease inflation pain

TOKYO - Japan said on Friday it would spend 29.6 trillion yen on an economic stimulus package meant to tame inflation and cushion the economic blow from rising raw material costs.

“We’ll ensure Japan doesn’t experience the kind of 10 per cent inflation seen in the United States and Europe,” Prime Minister Fumio Kishida told a news conference. “We decided to directly target energy prices, which are the main factors behind recent rising inflation.” These and other steps will suppress Japan’s consumer price inflation by around 1.2 percentage points between January and September next year, according to a government estimate.Mr Takahide Kiuchi, executive economist at Nomura Research Institute, warned that ramping up spending when the economy is in fairly good shape could pose a danger for Japan, which has the biggest public debt among major economies.

Consumers expressed doubts about the impact of the measures, with some calling for more drastic steps such as reducing the 10 per cent consumption tax.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UN warns 'time is running out' as greenhouse gases surgeGreenhouse gas concentrations climbed at above-average rates to new records in 2021. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »

All 30 people trapped in Perak cave by floods have been rescuedWater levels began to rise around Gua Tempurung cave, a tourist attraction, on Wednesday afternoon. Read more at straitstimes.com. No Netflix drama then...
Source: STForeignDesk - 🏆 4. / 71 Read more »

Elon Musk tells Twitter employees he doesn’t plan to cut 75% of jobsMusk posted video of himself walking into Twitter's California headquarters carrying a sink. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »

Her hair brings all the girls to the yard: Milkshake singer's braids touched by 2 women in S'poreAmerican singer Kelis, who was in Singapore recently, was caught in an awkward situation during her visit. Read more at stomp.straitstimes.com
Source: stompsingapore - 🏆 11. / 53 Read more »

For those with HIV or weak immune systems, monkeypox can be fatal: US studyThe study looked at cases of 57 US patients hospitalised with severe monkeypox complications. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »

Changi Airport staff lauded for their service during pandemic peakSeven awards that lauded inspiring acts by service staff were given out at the ceremony. Read more at straitstimes.com. Ha. Ha. Ha. What. A. Joke.
Source: straits_times - 🏆 5. / 69 Read more »