TOKYO: Japanese Prime Minister Fumio Kishida said on Friday (Mar 10) he has instructed the ruling coalition to propose a package of measures to beat rising prices next week, in a move aimed at shoring up a fragile economic recovery from pandemic-induced doldrums.
The instruction was made during a meeting between government officials and senior ruling party lawmakers one day after revised data showed the world’s third-biggest economy narrowly averted a recession in the final quarter of last year.
Last week, Kishida urged the ruling Liberal Democratic Party (LDP) and small coalition ally Komeito to come up with measures to cushion the blow of price hikes on households.
“Prices are rising mainly with energy and food,” Kishida told the meeting on Friday. “We will take additional steps to counter price hikes to protect livelihoods and business activity.”
Komeito chief Natsuo Yamaguchi called for the inclusion of his party’s proposals in a package of measures, including special grants aimed at curbing gas charges for households.
As part of measures against price hikes, which will be compiled later this month, Japan is considering providing further cash payouts worth 50,000 yen (US$367) to low-income households with children, NHK reported.