The package includes temporary cuts to income and residential taxes, payouts to low-income households and subsidies to curb gasoline and utility bills
Japan’s government on Thursday compiled a package of measures to cushion the economic blow from inflation that will involve spending of more than 17 trillion yen , a move that could worsen the country’s already tattered finances.
“Japan’s economy is seeing a big opportunity open up to shift to a new stage for the first time in three decades,” as it exits from a deflationary spiral, Prime Minister Fumio Kishida told a meeting of government and ruling party executives on Thursday. Inflation, fuelled by rising costs of raw materials, has kept above the central bank’s target of 2 per cent for more than a year, weighing on consumption and clouding the outlook for an economy making a delayed recovery from scars left by COVID-19.
Takahide Kiuchi, a former Bank of Japan board member who is currently an economist at Nomura Research Institute, expects the measures to lift GDP by just 0.19 per cent for the year.
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