Japan Unveils $113 Billion Stimulus Package to Tackle Inflation Woes

Japanese Prime Minister Fumio Kishida has announced a $113 billion package of measures to combat the economic impact of rising inflation. The package includes tax cuts, temporary reductions in income and residential taxes, as well as subsidies to curb gasoline and utility bills. To fund part of the spending, the government will compile a supplementary budget of 13.1 trillion yen for the current fiscal year. Inflation, fueled by rising costs of raw materials, has been above the central bank's target of 2% for over a year, impacting consumption and the country's economic recovery from the COVID-19 pandemic.