Japan OKs 13.2 tril. yen extra budget for FY 2023 to fight inflation

The Cabinet approved Friday an extra budget plan of 13.20 trillion yen ($87 billion) for fiscal 2023 ending March to fund a new economic package designed to mitigate the burden of rising prices on households and navigate the economy through the cost-of-living crisis.

Of the total, 8.88 trillion yen will be secured by issuing new government bonds, adding to a pile of state debt already amounting to more than twice the size of the economy. The government aims to have the budget plan approved by parliament before the end of November.

The supplementary budget brings total spending for fiscal 2023 ...