Japan pledges to take a series of measures to counter the economic downturn

Japanese Finance Minister Shunichi Suzuki promised on Monday that the government will do its best to tackle the inflation crisis to achieve a higher level of economic growth; This is in light of his efforts to obtain parliamentary approval for a budget additional to finance an economic package.

In his speech to parliament after the government unveiled the 28.9 trillion yen ($206 billion) budget plan, according to the Kyodo news agency, Suzuki said the economy was facing headwinds due to the acceleration of inflation, driven by the increase in material prices prime due to the intervention. Ukraine and higher import costs due to the sharp depreciation of the yen,” he said, adding that concerns about a slowdown in the global economy have also increased.

Read more: Japan has an unprecedented level of inflation in 40 years

“The environment surrounding the Japanese economy is getting tougher. We need to get through this difficult time by supporting the livelihoods and businesses of the Japanese and putting the economy on a path towards sustainable and much higher growth,” he said. Suzuki continued.

Japan’s finance minister indicated, according to the Middle East News Agency, that the government will step up its efforts to urge companies to raise wages and make the most of the recent depreciation of the yen to boost the earning capacity of regional economies and achieve Japanese Prime Minister Fumio Kishida’s goal of creating a “new form of capitalism”. It aims to achieve both growth and redistribution.

Suzuki stressed the importance of making every effort to address rising prices, revitalize Japan’s economy with the economic package, and continue to lead economic and fiscal policy in responsible way.

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