2022 Comprehensive emergency measures to address soaring crude oil and commodity prices

Last updated: 7 December 2022

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.


It includes:
 
-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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