Japanese Prime Minister Fumio Kishida has announced a stimulus package of more than 17 trillion yen ($113 billion) that includes tax breaks and benefits for low-income households
Japanese Prime Minister Fumio Kishida announced Thursday a stimulus package of more than 17 trillion yen that includes tax breaks and benefits for low-income households, a plan criticized by some observers as populist spending that would worsen Japan’s national debt. Kishida said his priorities are to overcome deflation and to put the economy on a growth track.
All combined, the plan is estimated to boost Japan's gross domestic product by about 1.2% on average, according to a government estimate. Last year, his government already earmarked a nearly 30-trillion yen supplementary budget to fund an earlier economic package aimed at fighting inflation. Takahide Kiuchi, executive economist at the Nomura Research Institute, said the package's effect on the economy will be limited because temporary tax cuts and payouts tend to go to savings.
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