Suzuki Vows to Ensure Economic Recovery in Japan

Politics Lifestyle

Tokyo, May 25 (Jiji Press)--Japanese Finance Minister Shunichi Suzuki vowed in a fiscal policy speech Wednesday to ensure the country's economic recovery from the slump caused by the novel coronavirus crisis.

The speech, delivered at a plenary meeting of the House of Representatives, the lower chamber of the Diet, the country's parliament, followed the submission to the Diet earlier in the day of the government's fiscal 2022 supplementary budget, which calls for general-account spending of 2,700.9 billion yen including for emergency measures to fight soaring prices.

"We'll encourage (companies) to pass higher costs on to prices (of their products and services) smoothly and raise wages, with the aim of ensuring the restoration of economic and social activities from the slump blamed on the COVID-19 pandemic," Suzuki said.

He noted that economic uncertainty is increasing due partly to surging prices of crude oil and grain following Russia's invasion of Ukraine.

The situation "could significantly hamper the recovery of economic and social activities," Suzuki warned.

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Jiji Press