Tokyo, November 19, : , Japan’s Prime Minister Fumio Kishhida is expected to approve a package of economic stimulants on Friday.It includes record spending levels, at 55.7 trillion yen (490 billion dollars) to support economic recovery following the Covid-19 pandemic. According to Xinhua, the total package will include funds that are not used immediately.It is worth 78.9 trillion yen.
Japan’s government wants to approve a supplement budget for the funding of this package during an exceptional parliamentary session that is scheduled to take place by year end.The budget will be approximately 31.9 trillion yen.
The package includes key provisions such as handouts in cash or vouchers worth 100,000 yen for children 18 and younger.
Additionally, 2 trillion more yen will go to students and families in need, while small businesses that are affected by the pandemic could receive financial assistance of up to 2.5million yen.
After a sharp drop in Covid-19-related infections, the government’s subsidy program “Go To Travel” will be reinstated.
The government encourages the use of the “My Number” ID card system to promote Japan’s digitalization and stimulate consumption.
Individuals who have the cards or are about to acquire them will be able to earn shopping points up to 20,000yen.
Because their income is often considered insufficient, the government will increase care worker, nurse, and nursery school staff’s monthly salaries by 1 to 3% from current levels.
A new subsidy program will also be offered to oil distributors in order to limit the rise of prices for gasoline and oil products.
To ensure adequate supply of computer chips, the government will provide assistance in building semiconductor factories.
The initial budget for fiscal 2022 will cover some of the policy measures in the package.It is expected to be completed next month.
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