Japan's govt. decides on new economic package worth around 39 trillion yen

The Japanese government has decided on a new economic package worth around 39 trillion yen focused on tackling inflation. The main pillars include ensuring growth for the entire nation and for local economies.

Others are intended to beat the rising cost of living and give people a sense of security. The package includes subsidies for power and gas bills, a cash handout to households exempt from paying residential tax, and assistance to areas affected by the January 1 Noto Peninsula earthquake. The price tag for the economic package is around 21.9 trillion yen.

When private sector funds are included, the total comes to some 39 trillion yen.  The package also includes a plan to raise the annual earnings threshold for income tax from the current 1.03 million yen. That's after the minority government accepted a request from one of the opposition parties to raise the threshold. The matter will be discussed as part of tax system reforms.