Kishida’s Cabinet Approves $87 Billion Extra Budget

Japan’s cabinet approved a ¥13.2 trillion ($87.2 billion) extra budget to support Prime Minister Fumio Kishida’s latest economic package, amid an ongoing decline in support for his administration.

To fund the larger-than-expected package, Japan will issue an additional ¥8.9 trillion in bonds, according to plans approved by the cabinet Friday. The government is also set to partly cover the extra budget costs with a surplus from the previous year and some extra tax revenues.