TOKYO: The Japanese government is in the final stages of approving a 13.1 trillion yen (US$86.6 billion) package for measures to support the country’s economy as part of its supplementary budget for the current fiscal year, reported Sputnik quoting news agency Kyodo on Wednesday, citing sources.
The package could be agreed upon during a meeting of the Japanese cabinet as early as November 2, the news agency added.
In late September, Japanese Prime Minister Fumio Kishida called the next three years a “period of transformation” from a cost-cutting economy to a model focused on expanding the labour market, increasing wages and consumption, boosting digitisation, and supporting start-ups. Kishida ordered the government to elaborate on a package of economic measures by the end of October.
The measures, the Japanese prime minister said, need to focus on cost-cutting, stable growth of wages and regional development, promotion of internal investment, tackling the population decrease, civilian security, including emergencies, and mitigating their consequences.
In October, the media reported that the government of Japan was looking forward to spending up to 20 trillion yen on a new economic package. -Bernama
