Defining the News
Japan's Prime Minister Fumio Kishida delivers a speech during the 11th Japan Business Federation, known as"Keidanren", Board of Councillors' meeting at the organisation's headquarters in Tokyo on December 26, 2022. TOKYO—Japanese Prime Minister Fumio Kishida announced a stimulus package worth more than $100 billion on Thursday as he tries to ease the pressure from inflation and rescue his premiership with his poll ratings at a record low.
“On the other hand, in the current situation where the rise in wages is not catching up with the rise in prices, it is necessary to support people’s disposable income temporarily so as to avoid moving back to deflation,” he said. The package will likely add to Japan’s debt mountain, which stood at 261 percent of gross domestic product in 2022, one of the world’s highest.
A weaker yen, meanwhile, while welcome news to Japanese exporters, makes imports pricier and stokes inflation for households.
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