Japan PM seeks extra budget exceeding 13 trillion yen, Nikkei says

TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba said his government is aiming to compile a supplementary budget for the current fiscal year in excess of last year’s 13.1 trillion yen ($87.6 billion) to fund an economic support package, the Nikkei business daily reported on Tuesday.

“Last year’s supplementary budget was 13 trillion yen, and I would like to ask for a larger supplementary budget than that, and have it deliberated and passed by the parliament,” Ishiba was quoted as saying on Tuesday during a stump speech as the campaigning for the lower house election kicks off.

Ishiba earlier this month formally instructed his ministers to draw up the measure to cushion the blow to households from rising living costs. The prime minister, who took the helm on Oct. 1, has stressed that his focus is to get the economy to fully shake off the growth-sapping deflation of the last three decades.

The fresh package will include payouts to low-income households and subsidies to local governments.

($1 = 149.6200 yen)