Kishida Orders Emergency Package Compilation in April

Politics Economy

Tokyo, March 29 (Jiji Press)--Japanese Prime Minister Fumio Kishida on Tuesday instructed his cabinet ministers to compile in late April a comprehensive emergency package including economy-boosting measures in response to soaring prices of crude oil and other items reflecting Russia's invasion of Ukraine.

He plans to draw up a large-scale stimulus package later, aiming to pave the way for reviving economic and societal activities prior to this summer's election for the House of Councillors, the upper chamber of the Diet, Japan's parliament.

Kishida told a meeting with the ministers on the day that the Russian invasion, which began Feb. 24, came at a time when an exit from the sixth wave of novel coronavirus infections started to be seen in Japan. "We must work to prevent soaring prices of crude oil, materials and food from hindering the smooth recovery of economic and societal activities," he said.

The comprehensive emergency package will feature measures to tackle surging crude oil prices and higher prices of grains and fisheries products, support small firms and help people in need, Kishida said, adding that the government will consider specifics at a council of related ministers to be set up under the prime minister while hearing opinions from the ruling Liberal Democratic Party and its Komeito ally.

Measures in the package will likely be financed mainly by 5-trillion-yen reserve funds for COVID-19 countermeasures set aside under the government's fiscal 2022 budget.

[Copyright The Jiji Press, Ltd.]

Jiji Press