Response to High Inflation... Japan's 115 Trillion Yen Supplementary Budget Passed by the House of Representatives

The Japanese government’s supplementary budget for the current fiscal year (April 2023 to March 2024), prepared to support economic measures such as countering high inflation and fostering the semiconductor industry, passed the House of Representatives (lower house) plenary session on the 24th, Kyodo News reported.

The approved supplementary budget’s general account expenditure amounts to 13.1992 trillion yen (approximately 115.3 trillion won), and the Japanese government plans to finance 8.875 trillion yen (approximately 77.5 trillion won) of this through government bond issuance.

Of the supplementary budget, 1.0592 trillion yen will be used as a 70,000 yen (approximately 610,000 won) support payment per household for low-income groups, and 794.8 billion yen will be allocated for subsidies on electricity and gas charges.

The House of Councillors (upper house) Budget Committee review of the supplementary budget passed by the House of Representatives plenary session on this day will be held on the 27th and 28th.

Kyodo News reported that the ruling party in Japan aims for final approval in the National Diet on the 29th.

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