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Japan is preparing one of its largest economic stimulus packages in years as the government finalizes a ¥21.3 trillion (approximately $135 billion) plan aimed at helping households manage persistent inflation. According to a draft obtained by Reuters, this marks the biggest spending initiative since the COVID-19 pandemic and significantly exceeds last year’s ¥13.9 trillion package. The plan reflects Prime Minister Sanae Takaichi’s commitment to bold fiscal and monetary support, even as financial markets become increasingly wary of the higher government borrowing likely required to fund it.
The draft outlines ¥17.7 trillion in general account spending and ¥2.7 trillion in tax cuts. Funding will come from an expected rise in tax revenue along with additional government bond issuance, the size of which has yet to be determined. When private-sector investments stimulated by the package are included, the total scale reaches an estimated ¥42.8 trillion.
A major focus of the stimulus is combating rising prices and supporting consumer spending, with ¥11.7 trillion allocated to these efforts. Another ¥7.2 trillion will target crisis management measures and the strengthening of sectors vital to Japan’s economic security. Local media reports suggest the package may include a ¥20,000 payment per child for families, new income tax reductions, and temporary cuts to gasoline taxes—steps designed to provide immediate financial relief.
The government is expected to approve the package on Friday, followed by a supplementary budget as early as November 28, with hopes of securing parliamentary approval by year’s end. Prime Minister Takaichi, who took office last month, has emphasized her intention to ease the burden of rising living costs and drive investment in key industries such as artificial intelligence, semiconductor technology, and shipbuilding.
However, expectations of aggressive spending and continued low interest rates have contributed to recent declines in both the yen and Japanese government bond prices, highlighting market concerns about Japan’s long-term fiscal outlook.
