Kishida Instructs Compilation of Full-Scale Economic Package

Politics

Tokyo, Sept. 30 (Jiji Press)--Japan's Prime Minister Fumio Kishida at a cabinet meeting Friday issued instructions for compiling a comprehensive economic package including four pillars such as dealing with soaring prices and facilitating wage growth.

The other three centerpieces are strengthening the country's ability to earn taking advantage of the yen's current weakness, accelerating "a new form of capitalism," a key policy of the Kishida administration, and ensuring the safety and security of people in the nation.

The package is likely to be drawn up in late October. The government aims to get a fiscal 2022 second supplementary budget to finance the steps to be enacted during an extraordinary parliamentary session starting Monday.

The new package will be designed to "seamlessly respond to changes in the economic situation, such as risks of global economic slowdown and surging prices," the prime minister said, adding that the government aims to provide greater incentives to encourage businesses to continue raising wages, as well as to help small firms pass on higher costs to their product and services prices.

The package is also expected to include the establishment of a new system to cushion the impact of surging electricity bills.

[Copyright The Jiji Press, Ltd.]

Jiji Press