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The government needs to draw up additional economic measures ahead of a House of Councillors election this summer to cushion the impact of soaring oil prices on the economy, Shoji Nishida, head of the ruling Liberal Democratic Party’s panel for fiscal policy, has said.

In a recent interview, Nishida pointed to a need to expand measures aimed at curbing oil prices amid concern that they could rise further against the backdrop of Russia’s invasion of Ukraine.

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