Japan Approves $19 Billion Budget to Ease Fuel and Energy Costs
The package includes 2.5 trillion yen in contingency reserves and subsidies for gasoline, electricity and gas bills as Middle East tensions persist.
- On Wednesday, Prime Minister Sanae Takaichi's government backed ¥3.1135 trillion in additional spending to assist Japanese households struggling with soaring costs driven by the Iran war.
- Top government spokesman Minoru Kihara said the budget includes a ¥2.5 trillion "contingency reserve" to minimize risks from the ongoing situation in the Middle East, ensuring daily life and economic activity remain undisturbed.
- Officials allocated over 510 billion yen to replenish the electricity and gas subsidy fund to 1 trillion yen, while also seeking 100 billion yen in grants for regional municipalities to assist liquefied petroleum gas users.
- The budget could pass as soon as Friday in the legislature, which is dominated by the ruling Liberal Democratic Party and allies of Takaichi, who previously prioritized easing petrol, electricity, and gas costs.
- Japan plans to fund this budget with deficit-covering bonds, though Kihara noted total bond issuance will not rise because previous debt authorizations will remain unused due to higher-than-expected tax revenues.
20 Articles
20 Articles
Japan approves additional $19 billion budget to address Middle East war impact
Tokyo, June 3 (SANA) The Japanese government approved an additional budget worth 3.1135 trillion yen ($19 billion) on Wednesday to address the repercussions of the war in the Middle East and its effects on energy and commodity markets. Speaking at a press conference after the Cabinet’s decision, Chief Cabinet Secretary Minoru Kihara said the government had allocated the funds as part of a supplementary budget package designed to limit the econo…
The Japanese government has approved an additional 3.1 trillion yen in funding to mitigate the impact of inflation and soaring energy prices resulting from unrest in the Middle East. The plan includes subsidizing fuel prices and lowering the cost of living for citizens.
Japan's government backs US$19 billion to dampen Iran war impact
TOKYO: Prime Minister Sanae Takaichi's government backed on Wednesday (Jun 3) US$19 billion in additional spending to help Japanese households struggling with soaring everyday costs driven by the Iran war.The b
Japan Commits $19.4 Billion to Fighting Its Energy Crisis
Japan will spend an additional $19.4 billion to cushion the inflation blow to Japanese households resulting from the oil and gas export flow disruption in the Middle East. The package, approved by Prime Minister Sanae Takaichi this week, includes a $16-billion reserve fund specifically created for controlling energy commodity prices through additional subsidies, Bloomberg reported. The publication added that the fund will first be used to cap th…
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