Japan's govt backs $19 bn to dampen Iran war impact

Japan’s cabinet approved a $19 billion supplementary budget to cushion households and businesses from soaring energy and commodity costs driven by the Iran war.

The package includes substantial subsidies for petrol, electricity, and gas bills, as well as a newly established contingency reserve for Middle East risks. The budget is financed through the issuance of deficit-covering bonds though the government offset this by canceling debt from the previous fiscal year, keeping the overall calendar-year bond supply steady.