The Cabinet of Prime Minister Fumio Kishida on Friday approved an economic stimulus package worth about ¥39 trillion ($264 billion) in an effort to assuage the impact of rising prices driven by the plunging yen and high commodity prices.
One of the primary measures to tackle inflation is the curtailing of utility bills for households. Backed by ¥6 trillion in spending, the government aims to reduce monthly electricity, gas and gasoline costs for the average household by ¥5,000 between January and September next year.
“In tackling rising prices, we have placed a particular emphasis on energy prices,” Kishida said during a news conference.