Japan plans to provide $86.6 billion in additional budget to support economy

The Japanese government is nearing completion of a 13.1 trillion yen (US$86.6 billion) package of economic stimulus measures as part of its supplementary budget for the current fiscal year, according to news agency Kyodo.

The deal might be agreed upon during a meeting of the Japanese cabinet as early as November 2, according to the news agency.

In September, Japanese Prime Minister Fumio Kishida declared the next three years a “transition era” from a cost-cutting economy to one focused on expanding the labor market, improving salaries and consumption, enhancing digitisation, and fostering start-ups. 

Kishida directed the government to develop a package of economic measures by the end of October.

The efforts, according to the Japanese prime minister, must focus on cost-cutting, stable wage growth and regional development, domestic investment promotion, addressing population decline, civilian security, including emergencies, and reducing their impacts.