Kishida on Japan govt $200BN cost-of-living package

Japanese Prime Minister Fumio Kishida's government approved Friday a hefty economic package that will include government funding of about 29 trillion yen to soften the burden of costs from rising utility rates and food prices. Speaking at a news conference in Tokyo on Friday, Kishida said the intention of the plan was to "push economy forward for the future."

The overall size of the package, including private-sector funding and fiscal measures, is expected to amount to 71.6 trillion yen, Kishida said. The plan includes about 45,000 yen subsidies for household electricity and gas bills and coupons worth 100,000 yen for women who are pregnant or rearing babies.

The 29 trillion yen spending package will be part of a supplementary budget that still must be approved by the parliament. Kishida vowed to compile and submit a budget plan and get it approved as soon as possible.