Japan’s prime minister announced Friday that his government will spend about 71.6 trillion yen ($485 billion) on economic stimulus aimed at helping households and businesses cope with inflationary pressures amid a weak currency.
Prime Minister Fumio Kishida said that the economic package is expected to increase Japan’s gross domestic product by 4.6 percent and reduce consumer prices by 1.2 percent over the next year.
It includes a supplementary budget of $29.1 trillion yen ($200 billion) to extend support to households and reduce utility bills. Kishida said that his government will also provide 100,000 yen ($680) for each pregnant woman.
“We are targeting energy prices, a major factor behind the recent inflation, and curb rising prices in a visible way,” he said at a press conference, Kyodo News reported….