Japan’s Prime Minister Sanae Takaichi has unveiled a massive ¥21.3tn ($135.4bn) stimulus package designed to spur economic growth and shield households from the rising cost of living.
The highly anticipated package, which has been in the works since Takaichi became prime minister seven weeks ago and marks her first major policy initiative, is Japan’s largest since the Covid pandemic.
The package will primarily involve ¥17.7tn of spending and will be backed by a supplementary budget likely to be presented in coming weeks. Such a budget would be 27 per cent larger than the one secured a year ago by Takaichi’s immediate predecessor. The package also involves ¥2.7tn of tax cuts and some funding from the special account.
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