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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 government's 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 Yeol's push to improve the nation's fiscal health, in contrast to the pandemic-era stimulus policies embraced by the former Moon Jae-in administration.
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Yoon's economic policy team to focus on recovery through supplementary budget