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Japan’s new Economic Package to cross $198.6 Billion: NHK reported

Japan’s new economic package could exceed 29 trillion yen ($198.6 billion) against a background of soaring prices of utilities, food, and fuel, Japanese broadcaster NHK reported on Thursday, citing sources.

On Wednesday, Japanese news agency Kyodo cited a source as saying that the Japanese government is expected to release details of the 25 trillion yen package on Friday.

However, NHK cited sources as saying that the Liberal Democratic Party of Japan believes that this amount would not be enough given the sharp decline in the yen, Japan’s national currency, and rising energy prices.

Therefore, Japanese Prime Minister Fumio Kishida met with Finance Minister Shunichi Suzuki on Wednesday night, during which they outlined an economic package exceeding 29 trillion yen.

The package is expected to include reimbursements to households and commercial organizations for their electricity and gas bills, as well as subsidies to wholesale fuel suppliers.

Moreover, the package is expected to include financial support for pregnant women stipulating the payment of 100,000 yen to reimburse for the cost of raising a child under the age of two.

The prices in Japan have been rising for 13 months in a row. The increase is mainly caused by rising prices for energy resources, which Japan is forced to import in great amounts, and the low exchange rate of the yen against the US dollar.

Via : Sputnik

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