Extra Budget News Today

Japan's Cabinet approves an extra budget plan of 13.20 trillion yen ($87 billion) for fiscal 2023 ending March to fund a new economic package designed to mitigate the burden of rising prices on households and navigate the economy through the cost-of-living crisis.

Skyrocketing heating costs are putting the governments belt-tightening policy to the test, after the annual budget for 2023 was increased by the lowest margin in six years of just 638.7 trillion won ($510 billion). The 2023 budget was determined in line with President Yoon Suk Yeols push to improve the nations fiscal health, in contrast to the pandemic-era stimulus policies embraced by the former Moon Jae-in administration.

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Largest-ever extra budget

Yoons economic policy team to focus on recovery through supplementary budget

Ruling party passes $11.6 billion extra budget bill

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Extra budget feared to lead to rate hikes, inflation, burdening vulnerable

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Finance chief rejects ruling partys call to expand extra budget