Japan OKs 13.2-T.-Yen Package to Tackle Soaring Prices

Politics Economy

Tokyo, April 26 (Jiji Press)--The Japanese government Tuesday adopted a comprehensive emergency package of measures totaling 13.2 trillion yen to address soaring prices.

Of the amount, which includes contributions from the private sector, 6.2 trillion yen will be paid from state coffers.

The package features an expanded subsidy for oil wholesalers to curb gasoline price surges amid Russia's invasion of Ukraine. The subsidy program, previously scheduled to expire at the end of April, will be extended to the end of September.

Thanks to the subsidy to push down the prices of gasoline, gas oil and kerosene, the size of growth in the consumer price index is expected to shrink by 0.5 percentage point between May and September, according to the Cabinet Office.

"We'll implement (the measures) immediately to ensure a recovery in social and economic activities from the coronavirus crisis," Prime Minister Fumio Kishida told a meeting of related cabinet ministers where the package was adopted.

[Copyright The Jiji Press, Ltd.]

Jiji Press