Japan PM Ishiba Unveils 39 Trillion Yen Stimulus Package with Cash Handouts and Energy Subsidies

Nov 22, 2024, 12:11 AM

Japan's Prime Minister Shigeru Ishiba has unveiled an economic stimulus package worth approximately 21.9 trillion yen ($140 billion) in fiscal spending, aiming to address challenges including inflation, wage growth, and the cost-of-living crunch. The government expects the measures to have an overall impact of 39 trillion yen and has allocated 13.9 trillion yen in a supplementary budget. The package includes one-time payments of 30,000 yen to low-income households and plans to resume subsidies for electricity and gas bills from January to March. Additionally, the government intends to review the 1.03 million yen income tax threshold to encourage higher earnings. The stimulus package was approved by the cabinet on Friday and aims to boost consumer spending and stimulate economic growth.