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Japan PM likely to order new stimulus by end-March

by Mike Robinson

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© Reuters. FILEPHOTO: Fumio Kishida is the Japan Prime Minister during a news conference that took place at Tokyo’s official residence of the prime minister on February 25, 2022. Rodrigo Reyes Marin/Pool via REUTERS

TOKYO (Reuters] -Japan’s Prime Minister Fumio Kirshida will likely order an extra economic stimulus package before March 31 to help offset rising oil prices.

This would be in response to Tuesday’s approval by the parliamentary chamber of an unprecedented $900 billion budget for state government for 2022.

Separately, the newspaper stated that the government would likely tap the 5.5 trillion yen (45.41 billion dollars) of reserves under fiscal 2022 to finance the package. This is instead of compiling an additional budget.

Kishida said that the administration was ready to provide additional stimulus measures to reduce the impact of high fuel prices and rising food costs on families and businesses, despite being pressured by politicians to spend more to fund an election for the upper house this summer.

($1 = 121.1300 yen)

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