Economics

Japan’s Cabinet Approves Stimulus in Show of Progress for Ishiba

Economic package worth $140 billion in spending measures
Ruling party had to strike deal with DPP to secure stimulus

Shigeru Ishiba
Photographer: Kiyoshi Ota/Bloomberg

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By Erica Yokoyama, Yuki Hagiwara, and Alastair Gale

November 21, 2024 at 8:05 PM EST

Updated on

November 22, 2024 at 5:14 AM EST

Japanese Prime Minister Shigeru Ishiba’s cabinet approved a stimulus package that’s slightly bigger than last year’s, as he followed up on a pledge to ramp up support for households and businesses struggling to cope with higher costs.

The stimulus lays out fiscal spending of ¥21.9 trillion ($140 billion) on measures to support sustained wage gains and cash handouts for low-income households, subsidies for gas and electricity bills, and investment into the semiconductor and artificial intelligence sector, according to the Cabinet Office on Friday.