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Tax & Spend

Japan’s Kishida Spends Big to Ease Inflation, Popularity Woes

  • Economic package has overall scale of $490 billion, PM says
  • Extra spending nearer $200 billion based on extra budget size
Bloomberg business news
Kishida Announces $490 Billion Stimulus Package
Updated on

Japanese Prime Minister Fumio Kishida ordered an extra budget of 29.1 trillion yen ($199 billion) to fund an economic stimulus package aimed at both easing the impact of rising prices and boosting growth, as he seeks to shore up sliding support for his year-old government.

The government estimates the package will shave more than 1.2 percentage point from overall inflation and add about 4.6% to real gross domestic product, according to a government document supplied to the media.