Japan Govt OKs Measures to Cut Fertilizer, Electricity Costs

Politics Economy

Tokyo, July 15 (Jiji Press)--The Japanese government Friday adopted measures to help reduce fertilizer and electricity costs that are rising amid global inflation worsened by Russia's invasion of Ukraine.

"Global price rises still do not warrant optimism," Prime Minister Fumio Kishida told a meeting of a government task force to fight the accelerating inflation. He instructed cabinet members to continue taking necessary measures without lowering their guard.

The measures decided at the task force meeting include a subsidy program to cover 70 pct of increases in chemical fertilizer prices, which have been pushed up due to higher raw materials prices.

The program will cover purchases in and after June. Curbing fertilizer prices helps ease upward pressure on agricultural product prices.

As for electricity costs, the government intends to encourage consumers to join campaigns by electricity companies in which reward points are given to households that reduce power consumption.

[Copyright The Jiji Press, Ltd.]

Jiji Press