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Japan agrees extra budget to tackle rising living costs

CNA – Japan’s ruling coalition agreed a supplementary budget to support lower-income households and small firms, signalling another round of spending for the heavily indebted nation as it battles inflationary pressures for the first time in decades.

Prime Minister Fumio Kishida’s government aims to set out as early as today relief measures including one-off JPY50,000 (USD390) cash payouts to low-income households with children, and expanding subsidies to fuel wholesalers, a preliminary document seen by Reuters yesterday showed.

The governing coalition, which faces upper house elections pencilled in for July 10 as the economy flags and voters struggle to cope with soaring energy costs, also aims to ensure stable supplies of oil and basic foods.

A fuel station employee at a branch in Tokyo. PHOTO: CNA