2022 Comprehensive emergency measures to address soaring crude oil and commodity prices
In an effort to cushion domestic consumers from the effects of the global energy crisis, the Japanese Prime Minister put forward a JPY 6.2 trillion direct government spending package end April 2022, financed by a JPY 2.7 trillion FY2022 supplementary budget, as well as government reserve funds.
-transport fuel (eg gasoline, diesel, heavy oil all aviation fuels, and a special subsidy to taxi companies), through a subsidy scheme targeting oil refining companies;
-subsidies to help SMEs face the rise in energy and other raw material price;
-subsidies for low income & vulnerable households and subsidies for low-income families (JPY 50,000 /child);
-transfers to subnational authorities in the form of Extraordinary Regional Revitalization Grants local governments would redistribute to households and businesses being hit by soaring electricity and gas prices;
- Partial gas and electricity price caps.
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