Japan May Allocate $16.8Bln To Combat Price Hikes - Reports

TOKYO (UrduPoint News / Sputnik - 25th March, 2023) The Japanese government may allocate 2.2 trillion Yen ($16.8 billion) to combat rising prices and address strong inflationary pressures, the Kyodo news agency reported on Saturday, citing Natsuo Yamaguchi, the leader of the ruling party's coalition partner Komeito.

"We intend to stand firm against price hikes," Yamaguchi said during his speech in Saitama Prefecture, as quoted by Kyodo.

The decision on the allocation of budget reserves for the current fiscal year is expected to be made on March 28 at a cabinet meeting, the report said.

The funds will be used to support low-income families, including payments of 50,000 yen for each child in such households, as well as for subsidies to compensate for the cost of liquefied petroleum gas, the news agency reported.

Core consumer prices in Japan, which do not include the cost of perishable food, increased by 3.1% in February after rising by 4.2% a month earlier, according to the latest data from the Statistics Bureau of Japan.