🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Japan planning $87 billion extra budget to fund stimulus package, paper says

Published 11/13/2024, 06:52 PM
Updated 11/13/2024, 09:05 PM
© Reuters. FILE PHOTO: Pedestrians are reflected on a wall of a shopping mall in Tokyo, Japan November 15, 2022. REUTERS/Kim Kyung-Hoon/File Photo
USD/JPY
-

TOKYO (Reuters) -The Japanese government is making arrangements to compile a supplementary budget of about 13.5 trillion yen ($87 billion) to fund a stimulus package to help low-income households and offset rising prices, media reported.

Under the plan, the government would provide 30,000 yen ($193) to low-income households that are exempt from residential taxes and 20,000 yen per child for households with families, the Sankei newspaper reported late on Wednesday.

It is also considering restarting subsidies for electricity and gas prices for three months from January to respond to high fuel costs, three sources familiar with the matter told Reuters.

The subsidies were discontinued late last month.

Tokyo is considering gradually phasing out separate subsidies for gasoline fuels, which were originally scheduled to end in December, the sources said.

The government has spent 11 trillion yen over three years to help alleviate the impact of rising utility costs and gasoline prices on households.

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

© Reuters. FILE PHOTO: Pedestrians are reflected on a wall of a shopping mall in Tokyo, Japan November 15, 2022. REUTERS/Kim Kyung-Hoon/File Photo

The plans may change depending on discussions with opposition parties, however, after last month's snap election left the ruling Liberal Democratic Party (LDP) and its coalition partner Komeito leading a fragile minority government.

($1 = 155.3700 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.