Government submits 13 tril. yen supplementary budget bill

The Japanese government has submitted a supplementary budget bill to the Diet for fiscal 2023, mostly to finance a new economic package. The budget totals more than 13 trillion yen, or over 88 billion dollars.

The government has allocated nearly 3 trillion yen to combat rising prices. This includes providing benefits for low-income households, and extending measures to lower the burden for gasoline and utility expenditures.

About 1.3 trillion yen is aimed at encouraging continued wage hikes. It includes funds to help small and midsize businesses boost productivity and to improve the situation for nursing-care workers.

About 3.4 trillion yen is to go to promote domestic investment and the mass production of cutting-edge semiconductors.