Japanese Prime Minister Fumio Kishida unveiled a comprehensive&nbsp;$113 billion&nbsp;economic package, aimed at controlling the effects of surging inflation.

The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.&nbsp;

According to Reuters, the government plans to compile a supplementary budget of 13.1 trillion yen for the ongoing fiscal year in order to&nbsp;finance a significant portion of the expenditure.&nbsp;

The prolonged period during which inflation has consistently exceeded the central bank's two per cent target has been taking a toll on consumer spending and casting a shadow on Japan's economic recovery.&nbsp;

The ever-increasing cost of living has played a pivotal role in driving down Kishida's approval ratings, putting immense pressure on him to alleviate the hardships faced by households. &nbsp;

While the prime minister acknowledges that economic growth remains strong, wage increases have been insufficient to counterbalance the surge in prices. As a solution, he envisions returning a portion of the expected increase in tax revenues generated by the robust economy back to households, effectively cushioning the impact of inflation.&nbsp;

The latest move comes close on heels of the Bank of Japan allowing 10-year government bond yields to rise above 1 per cent, in response to the yen's weakening over the previous 18 months.&nbsp;

(With inputs from Reuters)&nbsp;

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Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.

Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills. According to Reuters, the government plans to compile a supplementary budget of 13.1 trillion yen for the ongoing fiscal year in order to finance a significant portion of the expenditure. The prolonged period during which inflation has consistently exceeded the central bank's two per cent target has been taking a toll on consumer spending and casting a shadow on Japan's economic recovery. The ever-increasing cost of living has played a pivotal role in driving down Kishida's approval ratings, putting immense pressure on him to alleviate the hardships faced by households. While the prime minister acknowledges that economic growth remains strong, wage increases have been insufficient to counterbalance the surge in prices. As a solution, he envisions returning a portion of the expected increase in tax revenues generated by the robust economy back to households, effectively cushioning the impact of inflation. The latest move comes close on heels of the Bank of Japan allowing 10-year government bond yields to rise above 1 per cent, in response to the yen's weakening over the previous 18 months. (With inputs from Reuters) WATCH WION LIVE HERE

Japan announces $113 bn package to counter inflation woes 

After the Japanese government relaxed COVID-19 business restrictions, official data released on Monday revealed the country's GDP grew in the three months leading up to June.

Due to increased capital investment and greater consumer spending, the third-largest economy in the world had quarterly growth of 0.5 percent, which fell short of market estimates of 0.7 percent.

While the nation never issued harsh stay-at-home directives during the pandemic, viral limitations that mostly affected commercial opening hours were lifted by the government in March.

However, inbound tourism is still only available as part of group excursions, and the economy is struggling due to the energy price issue and worries about a worldwide recession fueled by sharp inflation.

According to data issued by the Cabinet Office, private consumption increased by 1.1 percent from April to June as opposed to the 0.3 percent seen in the January-March quarter.

Compared to the previous quarter's 0.3 percent decrease, capital spending increased by 1.4 percent.

In a note released before to the GDP report, BNP Paribas noted that "capital investment returned to growth, while consumption of services showed a rather strong rebound after the government ended a quasi-state of emergency in late March."

Additionally, according to Mitsubishi UFJ Research and Consulting, "when the Omicron variant's spread slowed, private consumption steadily rose, particularly for in-person services, and boosted the overall economy."

The information is preliminary, and GDP numbers are frequently updated in subsequent months.

The Cabinet Office first stated in May that the GDP declined marginally in the first quarter of 2022, but this was later changed to zero percent on Monday. This indicates that after a slight rebound in the final quarter of 2021, no change was noticed.

Although not at the ferocious rate witnessed in the United States and many other major nations, consumer prices are rising in Japan.

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The Bank of Japan is maintaining its long-held monetary easing policies in an effort to create stable growth and believes that the price increases are only transitory. As a result of this move, the yen has fallen to 24-year lows versus the dollar.

A difficult environment for growth has also been generated by the Covid-19 lockdowns in China, which have disrupted supply chains, and the sky-high energy costs brought on by the conflict in Ukraine.

"We now think the economy's recovery is less impressive than we had expected at the end of last year, with an unexpected resurgence of Covid-19 infections at the beginning of this year and now," Masamichi Adachi and Go Kurihara of UBS said in a statement ahead of the data release.

The latest wave of COVID-19 infections in Japan is shattering all previous records. In total, it has reported 35,000 disease-related deaths, a significantly lower number than many other nations.

(With inputs from agencies)

Also watch |&nbsp;UK GDP shrunk by 0.1% between April and June

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After the Japanese government relaxed COVID-19 business restrictions, official data released on Monday revealed the country's GDP grew in the three months leading up to June.

After the Japanese government relaxed COVID-19 business restrictions, official data released on Monday revealed the country's GDP grew in the three months leading up to June. Due to increased capital investment and greater consumer spending, the third-largest economy in the world had quarterly growth of 0.5 percent, which fell short of market estimates of 0.7 percent. While the nation never issued harsh stay-at-home directives during the pandemic, viral limitations that mostly affected commercial opening hours were lifted by the government in March. However, inbound tourism is still only available as part of group excursions, and the economy is struggling due to the energy price issue and worries about a worldwide recession fueled by sharp inflation. According to data issued by the Cabinet Office, private consumption increased by 1.1 percent from April to June as opposed to the 0.3 percent seen in the January-March quarter. Compared to the previous quarter's 0.3 percent decrease, capital spending increased by 1.4 percent. In a note released before to the GDP report, BNP Paribas noted that "capital investment returned to growth, while consumption of services showed a rather strong rebound after the government ended a quasi-state of emergency in late March." Additionally, according to Mitsubishi UFJ Research and Consulting, "when the Omicron variant's spread slowed, private consumption steadily rose, particularly for in-person services, and boosted the overall economy." The information is preliminary, and GDP numbers are frequently updated in subsequent months. The Cabinet Office first stated in May that the GDP declined marginally in the first quarter of 2022, but this was later changed to zero percent on Monday. This indicates that after a slight rebound in the final quarter of 2021, no change was noticed. Although not at the ferocious rate witnessed in the United States and many other major nations, consumer prices are rising in Japan. Also read | Profiles of Japanese cabinet ministers after Kishida reshuffle The Bank of Japan is maintaining its long-held monetary easing policies in an effort to create stable growth and believes that the price increases are only transitory. As a result of this move, the yen has fallen to 24-year lows versus the dollar. A difficult environment for growth has also been generated by the Covid-19 lockdowns in China, which have disrupted supply chains, and the sky-high energy costs brought on by the conflict in Ukraine. "We now think the economy's recovery is less impressive than we had expected at the end of last year, with an unexpected resurgence of Covid-19 infections at the beginning of this year and now," Masamichi Adachi and Go Kurihara of UBS said in a statement ahead of the data release. The latest wave of COVID-19 infections in Japan is shattering all previous records. In total, it has reported 35,000 disease-related deaths, a significantly lower number than many other nations. (With inputs from agencies) Also watch | UK GDP shrunk by 0.1% between April and June

Japan's economy rebounds from Covid; sees growth in second quarter

As the global supply crisis and covid-19 hit business consumer spending the Japans's economy contracts much faster in the 3rd quarter, raising challenges for the new govt's growth plans.

World Business Watch: Japan's economy shrinks more than expected

Japanese Prime Minister Yoshihide Suga`s government approved a ninth consecutive rise in military spending on Monday, funding the development of an advanced stealth fighter and longer-range anti-ship missile to counter China`s growing military power. 
 
The Ministry of Defense will get a record 5.34 trillion yen ($51.7 billion) for the year starting in April, up 1.1% from this year. With Suga`s large majority in parliament, enactment of the budget is all but certain. 
 
Suga is continuing the controversial military expansion pursued by his predecessor, Shinzo Abe, to give Japan`s forces new planes, missiles and aircraft carriers with greater range and potency against potential foes including neighbouring China. 
 
China plans to raise its military spending 6.6% this year, the smallest increase in three decades. 
 
Japan is buying longer-range missiles and considering arming and training its military to strike distant land targets in China, North Korea and other parts of Asia. 
 
A planned jet fighter, the first in three decades, is expected to cost around $40 billion and be ready in the 2030s. That project, which will be led by Mitsubishi Heavy Industries Ltd with help from Lockheed Martin Corp, gets $706 million in the new budget. 
 
Japan will spend $323 million to begin development of a long-range anti-ship missile to defend its southwestern Okinawan island chain. 
 
Other big purchases include $628 million for six Lockheed F-35 stealth fighters, including two short-takeoff and vertical-landing (STOVL) B variants that will operate off a converted helicopter carrier. 
 
The military will also get $912 million to build two compact warships that can operate with fewer sailors than conventional destroyers, easing pressure on a navy struggling to find recruits in an ageing population. 
 
Japan also wants two new warships to carry powerful new Aegis air and ballistic missile defence radars that have much as three times the range of older models. The government has not yet estimated the cost of the plan, which replaces a project cancelled in June to construct two ground Aegis Ashore stations.

Japanese Prime Minister Yoshihide Suga`s government approved a ninth consecutive rise in military spending on Monday, funding the development of an advanced stealth fighter and longer-range anti-ship missile to counter China`s growing military power.

Japanese Prime Minister Yoshihide Suga`s government approved a ninth consecutive rise in military spending on Monday, funding the development of an advanced stealth fighter and longer-range anti-ship missile to counter China`s growing military power. The Ministry of Defense will get a record 5.34 trillion yen ($51.7 billion) for the year starting in April, up 1.1% from this year. With Suga`s large majority in parliament, enactment of the budget is all but certain. Suga is continuing the controversial military expansion pursued by his predecessor, Shinzo Abe, to give Japan`s forces new planes, missiles and aircraft carriers with greater range and potency against potential foes including neighbouring China. China plans to raise its military spending 6.6% this year, the smallest increase in three decades. Japan is buying longer-range missiles and considering arming and training its military to strike distant land targets in China, North Korea and other parts of Asia. A planned jet fighter, the first in three decades, is expected to cost around $40 billion and be ready in the 2030s. That project, which will be led by Mitsubishi Heavy Industries Ltd with help from Lockheed Martin Corp, gets $706 million in the new budget. Japan will spend $323 million to begin development of a long-range anti-ship missile to defend its southwestern Okinawan island chain. Other big purchases include $628 million for six Lockheed F-35 stealth fighters, including two short-takeoff and vertical-landing (STOVL) B variants that will operate off a converted helicopter carrier. The military will also get $912 million to build two compact warships that can operate with fewer sailors than conventional destroyers, easing pressure on a navy struggling to find recruits in an ageing population. Japan also wants two new warships to carry powerful new Aegis air and ballistic missile defence radars that have much as three times the range of older models. The government has not yet estimated the cost of the plan, which replaces a project cancelled in June to construct two ground Aegis Ashore stations.

Japan sets record $52 billion military budget to counter China's growing military power

In the the last 138 years, Japan’s central bank just now appointed its first female executive director.

Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations. The Bank of Japan recently witnessed a sweeping reshuffle.

Shimuzu had started working at the bank in 1987. She was the general manager for Europe and the chief representative in London during 2016-18.

The Bank of Japan was established in October 1882.

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Even though women constitute over 47 per cent of people on the central bank’s payroll.

However, only 13 per cent of senior managerial posts are held by women, while only 20 per cent of expert positions in terms of law, payment, and bank notes. This numbers are taken from the bank’s own database.

Until now, women have found representation on its policy board. However only one out of the nine members is a woman. Additionally, the bank has never had a female governor, unlike the Federal Reserve of the European Central Bank.

Prime Minister Shinzo Abe had earlier pledged to empower women through a policy called “womenomics”.

Also read:&nbsp;<a href="wionews.com/world/japan-issues-new-social-behaviour-guidelines-inviting-wrath-of-its-people-296985" hreflang="en">Japan issues new social behaviour guidelines inviting wrath of its people</a>

Japan’s management structures have largely remained male-dominated. That has started changing over the last decade, which was witnessed a surge in number of female participants in higher educational institutions.

World Bank’s 2018 data suggests that women account for over 51 per cent population of Japan. In terms of global gender gap, the country ranks 121 out of 153 on the World Economic Forum’s index.

Among the G7 nations, the country ranks at the bottom in terms of gender equality, WEF data suggests.

In the the last 138 years, Japan’s central bank just now appointed its first female executive director. Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations.

In the the last 138 years, Japan’s central bank just now appointed its first female executive director. Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations. The Bank of Japan recently witnessed a sweeping reshuffle. Shimuzu had started working at the bank in 1987. She was the general manager for Europe and the chief representative in London during 2016-18. The Bank of Japan was established in October 1882. Also read: Japan follows United States, authorises remdesivir to help COVID-19 patients in critical stages Even though women constitute over 47 per cent of people on the central bank’s payroll. However, only 13 per cent of senior managerial posts are held by women, while only 20 per cent of expert positions in terms of law, payment, and bank notes. This numbers are taken from the bank’s own database. Until now, women have found representation on its policy board. However only one out of the nine members is a woman. Additionally, the bank has never had a female governor, unlike the Federal Reserve of the European Central Bank. Prime Minister Shinzo Abe had earlier pledged to empower women through a policy called “womenomics”. Also read: Japan issues new social behaviour guidelines inviting wrath of its people Japan’s management structures have largely remained male-dominated. That has started changing over the last decade, which was witnessed a surge in number of female participants in higher educational institutions. World Bank’s 2018 data suggests that women account for over 51 per cent population of Japan. In terms of global gender gap, the country ranks 121 out of 153 on the World Economic Forum’s index. Among the G7 nations, the country ranks at the bottom in terms of gender equality, WEF data suggests.

Bank of Japan appoints first female executive director in 138 years