By Takaya Yamaguchi

TOKYO, Reuters – Japan’s government plans to spend $48 billion on subsidies to offset the effects of rising raw material and fuel prices. This was revealed in a document obtained Monday by Reuters.

The document revealed that of the total spending amounting to 6.2 trillion Japanese yen, approximately 2.7 trillion will be paid by an additional budget, which the government will prepare later in the year.

It did not provide details about how remaining spending would be paid.

The relief package is part of an effort to alleviate the suffering caused by the soaring commodities prices worldwide following Russia’s invasion.

According to the document, 1.5 trillion yen will be spent to combat rising fuel prices and 1.3 trillion for cash payments to low-income households.

($1 = 128.3000 yen)