Japan Poised to Announce Economic Package Next Week, says Finance Minister

Prime Minister of Japan, Fumio Kishida will order a package of measures next week amid worsening economic prospects, Finance Minister Shunichi Suzuki said.

“I believe there’ll be instructions from the prime minister next week, so we’ll consider measures based on those orders,” Suzuki told reporters Friday.

“There needs to be a solid response to reduce the impact of rises in oil and grain prices on citizens and firms.”

Pressure intensified on Kisshida fuel and commodity prices took a toll on inflation.

The war added more to Japan’s price gains which has driven up costs for Japanese corporate goods by the fastest pace in four decades. Besides, the slide of the yen is expected to add to higher import prices.

While mentioning the government has already put in place measures to reduce the rise in fuel prices and support struggling businesses during the pandemic, Suzuki said additional measures will be considered to tackle the surge in oil prices.

According to the internal affairs ministry, the cost of living in Tokyo has increased by the biggest margin in more than two years this month.