The Japanese cabinet approved a comprehensive economic stimulus package of over 21 trillion yen.
the Japanese Cabinet approved an economic stimulus package worth 21.3 trillion yen (approximately 135.4 billion USD) on Friday, marking the first major policy initiative since the new government took office. The comprehensive plan includes 17.7 trillion yen in general spending, far exceeding last year's level of 13.9 trillion yen, making it the largest fiscal stimulus in Japan since the COVID-19 pandemic. In addition, the plan includes 2.7 trillion yen in tax cuts. However, this "lavish" spending has raised deep concerns in the market about Japan's worsening fiscal situation. The yen exchange rate fell to a 10-month low, and the yield on 40-year Japanese government bonds climbed to a historic high. Insiders revealed that the scale of new government bond issuance is yet to be finalized but is expected to exceed the 6.69 trillion yen used for a similar plan last year. The Cabinet plans to approve the supplementary budget as early as November 28 and strives to get it passed by the parliament before the end of the year.
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