Japan’s cabinet approves spending plan to counter inflation

Japanese Prime Minister Fumio Kishida (Kyodo via AP)

Japanese Prime Minister Fumio Kishida’s government has approved a hefty economic package that will include government funding of about 29 trillion yen (£172 billion) to soften the burden of costs from rising utility rates and food prices.

Inflation has been rising in Japan along with globally surging prices, while a weakening of the yen against the dollar has amplified costs for imports.