{"id":1715760,"date":"2022-10-29T07:29:51","date_gmt":"2022-10-29T11:29:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1715760"},"modified":"2022-10-29T07:33:33","modified_gmt":"2022-10-29T11:33:33","slug":"japan-announces-485-billion-economic-package-to-counter-rising-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japan-announces-485-billion-economic-package-to-counter-rising-inflation\/","title":{"rendered":"Japan Announces $485 Billion Economic Package to Counter Rising Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjapan-announces-485-billion-economic-package-to-counter-rising-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1715760&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-japan\">Japan<\/a>\u2019s prime minister announced Friday that his government will spend about 71.6 trillion yen ($485 billion) on economic stimulus aimed at helping households and businesses cope with inflationary pressures amid a weak currency.<\/p>\n<p>Prime Minister Fumio Kishida said that the economic package is expected to increase Japan\u2019s gross domestic product by 4.6 percent and reduce consumer prices by 1.2 percent over the next year.<\/p>\n<p>It includes a supplementary budget of $29.1 trillion yen ($200 billion) to extend support to households and reduce utility bills.\u00a0Kishida said that his government will also provide 100,000 yen ($680) for each pregnant woman.<\/p>\n<p>\u201cWe are targeting energy prices, a major factor behind the recent <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a>, and curb rising prices in a visible way,\u201d he said at a press conference, <a href=\"https:\/\/english.kyodonews.net\/news\/2022\/10\/60422443cac1-japan-to-approve-new-economic-package-as-inflation-weak-yen-bite.html\">Kyodo News reported.<\/a><\/p>\n<p>Of the total stimulus package, Kishida said that his government will set aside 6 trillion yen ($40.7 billion) for energy-related measures and extend support worth 45,000 yen ($305) to each household.<\/p>\n<p>The monthly utility bill for an average household will be lowered by 5,000 yen ($33.90) from January next year. Household electricity bills will be reduced to 7 yen ($0.05) per kilowatt-hour, while companies will receive a 3.5 yen per kilowatt-hour subsidy.<\/p>\n<p>The government will also provide a subsidy of 30 yen ($0.20) per cubic meter of consumption for city gas charges and extend current subsidies for oil wholesalers beyond December.<\/p>\n<h2>Maintaining Low-Interest Rates<\/h2>\n<p>The economic stimulus was announced following <a href=\"https:\/\/www.theepochtimes.com\/japan-remains-the-only-major-economy-to-maintain-negative-interest-rates_4826432.html\">the Bank of Japan\u2019s (BOJ) decision<\/a> on Friday to keep its interest rates below zero despite the depreciation of the yen, which reached 32-year lows this month.<\/p>\n<p>Japan is the only major economy to maintain low-interest rates amid rising inflation. Kishida said the government will closely monitor developments in the foreign exchange market in coordination with the BOJ.<\/p>\n<p>\u201cAt the same time, we need to strengthen our economy,\u201d he said. \u201cWe have steps to support export-oriented small and midsize companies, encourage firms to transfer higher costs, and boost inbound tourism.\u201d<\/p>\n<p>Since 2016, Japan\u2019s central bank has maintained its key\u00a0<a href=\"https:\/\/www.theepochtimes.com\/t-interest-rate\" target=\"_blank\" rel=\"noopener\">interest rate<\/a>\u00a0at negative 0.1 percent. On Oct. 28, the Policy Board of the BOJ decided to keep the short-term policy interest rate unchanged, at 0.1 percent.<\/p>\n<p>The BOJ said it remains committed to keeping 10-year Japanese government bond yields around zero percent by purchasing a \u201cnecessary amount\u201d of such bonds without setting an upper limit.<\/p>\n<p>\u201cThe bank will offer to purchase 10-year government bonds at 0.25 percent every business day through fixed-rate purchase operations, unless it is highly likely that no bids will be submitted,\u201d the bank said.<\/p>\n<p>Japan\u2019s move to keep interest rates low is in stark contrast to other major central banks around the world that are desperately raising rates. Just a day earlier, the European Central Bank announced another big rate hike of 75 basis points.<\/p>\n<p>In the United States, the Federal Reserve has raised its benchmark interest rate from almost zero at the beginning of the year to a range of 3.0\u20133.25 percent, which is its highest level since 2008.<\/p>\n<p><em>Naveen Athrappully contributed to this report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-aldgra-fredly\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_AldgraFredly.jpg\" alt=\"Aldgra Fredly\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Aldgra Fredly is a freelance writer based in Malaysia, covering Asia Pacific news for The Epoch Times. <\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Japan\u2019s prime minister announced Friday that his government will spend about 71.6 trillion yen ($485 billion) on economic stimulus aimed at helping households and businesses cope with inflationary pressures amid<\/p>\n","protected":false},"author":1,"featured_media":1706647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1715760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1715760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1715760"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1715760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1706647"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1715760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1715760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1715760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}