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Japan’s parliament on Friday approved a second supplementary budget worth 28.92 trillion yen ($215.3 billion) to boost the economy and help households cope with mounting inflationary pressures.
The budget includes 3.11 trillion yen ($23 billion) to reduce monthly household electricity and gas costs by 5,000 yen ($37), as well as 3.02 trillion yen ($22.5 billion) for subsidies to local oil wholesalers, Kyodo News reported.
It will also fund dozens of multi-year projects and subsidies for semiconductor manufacturing. The government will allocate 5.5 trillion yen ($40 billion) to fossil fuels innovation and measures to promote flexibility in the labor market.
The supplementary budget will be funded through the issuance of government bonds worth 22.85 trillion yen ($170 billion), despite concerns over the heavy national debt amid rising import costs and a weakening yen....