Japan set to approve $87b stimulus package

Japan’s ruling coalition reached an agreement on Wednesday with a key opposition party on an $87 billion economic stimulus package to help households cope with rising prices.

The package includes initiatives such as raising the basic tax-free income allowance and lowering the gasoline tax. Low-income households will receive 30,000 yen ($193) and families will get 20,000 yen per child. It is expected to be approved by Prime Minister Shigeru Ishiba’s Cabinet on Friday.

The coalition, led by the Liberal Democratic Party and Komeito, needs the support of the Democratic Party for the People after the recent election.

Parliament will begin talks next month on a supplementary budget of around 13.5 trillion yen ($87 billion) to fund the package.

Attribution; Reuters

Subediting: Y.Yasser