Japanese Government Proposes a Mammoth $141B Stimulus Package

Japan's government is set to approve a 21.9 trillion yen ($141 billion) fiscal spending package aimed at providing relief to households impacted by rising prices, according to public broadcaster NHK.

The total value of the economic stimulus package, including contributions from the private sector, will reach 39 trillion yen. Out of this, 13.9 trillion yen will be allocated from the government’s general account, NHK reported, citing unnamed sources.

A significant breakthrough for the package came on Wednesday when Japan’s ruling coalition finalized an agreement with a major opposition party on the draft proposal. The stimulus package is designed to mitigate the financial burden on households amid persistent inflationary pressures.

The package's approval is part of Japan's broader strategy to stimulate the economy and protect consumers as global economic uncertainties continue to impact markets.