Japan to approve $200 bn budget to tackle inflation

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Japan’s cabinet was expected to approve an extra budget worth $200 billion Friday to cushion the economy from the weak yen and inflation, though the central bank refused to budge from the ultra-loose policy that has hammered the currency.

Prime Minister Fumio Kishida said the government would “seek swift approval” of a 29.1 trillion yen budget aimed at encouraging wage growth and supporting households with soaring energy bills.

Total fiscal spending on the stimulus measures could be as high as 39 trillion yen, according to the Nikkei business daily and other major Japanese media.—AFP

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