Japan’s prime minister is calling for an additional budget of more than 13 trillion yen, says Reuters’ Nikkei

TOKYO (Reuters) – Japanese Prime Minister Shigeru Ishiba said his government would prepare a supplementary budget for the current fiscal year on top of last year’s 13.1 trillion yen ($87.6 billion) to finance an economic support package, the reported Business newspaper on Tuesday.

“Last year’s supplementary budget was 13 trillion yen, and I would like to call for a larger supplementary budget and have it discussed and passed by parliament,” Ishiba was quoted as saying in support during a campaign speech on Tuesday as the lower house elections begin.

Earlier this month, Ishiba formally directed his ministers to draft the measure to cushion the blow to households from rising living costs. The prime minister, who took the helm on October 1, has stressed his focus is on fully extricating the economy from the growth-damaging deflation of the last three decades.

The new package includes payouts to low-income households and grants to local governments.

($1 = 149.6200 yen)