News Karnataka
Thursday, October 06 2022
Asia

Tokyo: Japan to implement measures to combat inflation

Prime Minister Fumio Kishida
Photo Credit : IANS

Tokyo: Japanese Prime Minister Fumio Kishida on Friday said he will instruct relevant officials within his government to implement steps to combat inflation as rising prices are hugely impacting companies and consumers.

On the back of a recent cabinet reshuffle amid a drop in public support, Kishida said price hikes for energy and food items, in particular, are having a “huge impact” on companies and consumers, reports Xinhua news agency.

The Japanese leader said fresh measures to tame inflation will be a top priority for his rejigged cabinet.

He told a government meeting that officials will be instructed on August 15 to “seamlessly” put necessary measures into place to tackle price hikes for energy, raw material and grain.

“Bread and noodles, which are made from wheat, are essential items in our daily lives. It’s critical that their prices are stable,” Kishida was quoted as saying in the meeting attended by new cabinet ministers and business leaders.

“I will instruct officials to extend support by catering to the needs of each region and to take additional steps focusing on energy and food items that make up the bulk of the recent price hikes,” said the Prime Minister.

Japan has not been hit by inflation as hard as the United States or some European countries, and some companies here have been trying not to pass on rising costs to their consumers amid weak demand.

These companies have been able to do this by absorbing the higher costs themselves or by way of government subsidies, but economists here have said that either way such measures are not sustainable indefinitely and consumers are already dealing with rising costs for daily goods.

Kishida said following the reshuffling of his cabinet on Wednesday, however, that reserve funds of 5.5 trillion yen ($41 billion) could be accessed and targeted for measures to deal with the ongoing downside effects of the Covid-19 pandemic and rising inflation.

The approval rating for Kishida’s cabinet hit 51.0 per cent in late July, its worst ever, among concerns over the ruling Liberal Democratic Party’s connections to the Unification Church, in the wake of the assassination of former Prime Minister Shinzo Abe.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp