Nov. 21 (UPI) -- The cabinet of Japanese Prime Minister Sanae Takaichi approved $112 billion worth of measures to stimulate the economy on Friday, the largest such package since the COVID-19 pandemic.
The boost to the so-called "general account," up from the 2024 fiscal year's $88 billion supplementary budget, was aimed a easing cost-of-living pressures, including inflation-combatting measures such as rice and shopping stamps.
Adding $17.1 billion in tax cuts from abolishing a gasoline sales tax surcharge and raising the income threshold at which people begin to pay tax, brings the overall value of the package to $134.8 billion.
The figure grows to a projected $270.8 billion when local government and private sector spending is factored in.
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