Japan doubles reserves to undo quake effect

The Japanese government is contemplating doubling budget reserves to 1 trillion yen ($6.9 billion) for the FY24/25 beginning in April to cover for earthquake reconstruction, Reuters reported citing Asahi newspaper.

The Japanese cabinet is expected to approve the plan as early as Jan. 16, according to the report.

Moreover, Finance Minister Shunichi Suzuki stated earlier on Tuesday that the cabinet had approved spending 4.74 billion yen from FY23/24 reserves for necessary services and commodities.

More than 200 people were killed in the magnitude 7.6 earthquake that struck the Noto peninsula on Japan’s west coast on New Year’s Day, making it the deadliest since the 2016 Kumamoto earthquake on the southern island of Kyushu. ($1 = 144.4200 yen)