Japan Govt Adopts Economic Package

Tokyo, Nov. 22 (Jiji Press)--The Japanese government on Friday adopted an economic package focusing on benefits for low-income households, subsidies for utility bills and aid for the disaster-hit Noto Peninsula in central Japan.

The government will assemble a fiscal 2024 supplementary budget to finance the economic package, earmarking around 13.9 trillion yen in general-account spending. Including related spending by the private sector, the economic package is worth around 39 trillion yen.

For the latest economic package, the amount of general-account spending and its total size both exceed those in last year's package.

Total fiscal spending, including under special government accounts, is expected to reach about 21.9 trillion yen for the latest package.

The package also includes assistance for cutting-edge industries and plans to raise the minimum annual taxable income from 1.03 million yen in order to increase take-home pay.

[Copyright The Jiji Press, Ltd.]