Japan’s Matsuno: Will allocate more than 2 trillion Yen to cushion blow to economy from rising prices

Anil Panchal FXStreet

“Will allocate more than 2 trillion yen from reserves for measures to cushion blow to economy from rising prices,” said Japanese Chief Cabinet Secretary Hirokazu Matsuno during early Wednesday in Asia.

Reuters also mentioned that Matsuno made the comment at a government meeting to decide on the package of measures, which includes fresh cash payouts to low-income households and subsidies to curb households' electricity bills.

The news confirms the previous day’s headlines from Japanese media Yomiuri that signaled the government’s efforts to defend the citizens from rising prices. The news also stated that the subsidies on Liquefied Petroleum (LP) gas is recommended for low-income households.

“The pillar is to add a total of 1.2 trillion yen to the “regional revitalization temporary subsidy” that promotes measures at the discretion of local governments, so that they can respond more flexibly to the actual situation of the region,” said Yomiuri before the latest decision.

Also read: USD/JPY finds stability near 132.50, as market eagerly awaits the Fed’s decision

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Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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