Tokyo: Japanese Prime Minister Shigeru Ishiba is looking to expand the budget to fund inflation relief measures to support struggling households ahead of the upcoming general election, local media reported on Tuesday.
The size of an extra budget to be compiled to fund a fresh set of inflation relief measures will likely exceed 13 trillion yen (about $87 billion), Ishiba said at a campaign stop in Iwaki, Fukushima prefecture in northeastern Japan.
“We will aim to enact a large budget that will exceed the previous year’s extra budget after putting together necessary measures,” Ishiba said.
The government’s new economic package will come as households continue to struggle with rising prices of everyday goods, with inflation outpacing wage growth, reports Xinhua, quoting Kyodo News.
Ishiba has underlined the need for strong private consumption, which makes up more than half of the economy, unveiling plans to provide cash handouts to low-income households and increase financial aid to regional areas.
–IANS