Japan's Kishida announces $113-bln package to combat inflation pain

Japanese Prime Minister Fumio Kishida said on Thursday the government will spend over 17 trillion yen ($113 billion) in a package of measures to cushion the economic blow from rising inflation, which will include tax cuts.

To fund part of the spending, the government will compile a supplementary budget for the current fiscal year of 13.1 trillion yen, Kishida told reporters.

Reuters reported on Wednesday the government is considering spending over 17 trillion yen for the package, which will include temporary cuts to income and residential taxes as well as subsidies to curb gasoline and utility bills.

Inflation, fuelled…