Japan to OK $490B in stimulus to cushion impact of inflation

By MARI YAMAGUCHI
Associated Press

TOKYO (AP) — Japanese Prime Minister Fumio Kishida’s government is to approve a hefty economic package that will include government funding of about 29 trillion yen ($200 billion) to soften the burden of costs from rising utility rates and food prices. Cabinet approval was expected later Friday. Inflation has been rising with globally surging prices and a weakening of the yen has amplified costs for imports. The package includes subsidies for households that are largely seen as an attempt by Kishida to lift his plunging popularity. His government has been rocked by the ruling Liberal Democratic Party’s close ties to the South Korean-based Unification church, which surfaced after the assassination of former leader Shinzo Abe in July.