Japanese Prime Minister Fumio Kishida’s government approved on Friday a hefty economic package that will include about 29 trillion yen ($200 billion) in government spending to soften the burden of rising utility rates and food prices. Globally surging prices and a weakening of the yen have amplified costs for imports, pushing inflation higher. The stimulus package includes subsidies for households that are largely seen as an attempt by Kishida to lift his plunging popularity. His government has been rocked by the ruling Liberal Democratic Party’s close ties to the South Korean-based Unification church, which surfaced after the assassination of former leader Shinzo Abe in July. “The economic measures are designed to overcome rising prices and to achieve an economic recovery,” Kishida said in a news conference.

                Source:  AP