Today: Jun 23, 2024

Japan’s finance chief urges swift budget approval after earthquake devastation.

1 min read

Japan’s Finance Minister Shunichi Suzuki has called for the swift passage of a fiscal 2024 budget to address recent inflation and provide support to areas affected by a deadly earthquake. The budget, totaling ¥112.57 trillion ($763 billion), has been revised to allocate ¥1 trillion towards relief and reconstruction efforts. Suzuki emphasized the importance of achieving sustainable growth and stated that Japan is at a historic turning point.

Japan’s Finance Minister Shunichi Suzuki has urged for the early passage of the fiscal 2024 budget in order to address recent inflation and provide support to areas affected by the deadly earthquake that struck on New Year’s Day. The budget, totaling ¥112.57 trillion ($763 billion), has been revised to allocate ¥1 trillion towards relief and reconstruction efforts in a “seamless and flexible manner.” Suzuki stated that the budget is necessary to tackle pressing issues and achieve sustainable growth in Japan.

Suzuki called for more robust pay hikes to combat inflation and proposed extending “full” support to areas severely impacted by the earthquake. He emphasized that the budget should not be delayed any longer as Japan is at a historic turning point in achieving sustainable growth.

The ¥1 trillion emergency funds allocated in the budget will be used for relief and reconstruction work in the Noto Peninsula in Ishikawa Prefecture, where the magnitude 7.6 earthquake caused extensive damage. The government aims to utilize the funds in a seamless and flexible manner to ensure quick and effective support to the affected regions.

Suzuki’s call for the early passage of the budget comes as Japan faces multiple challenges, including rising inflation and the need for economic recovery in the aftermath of the earthquake. He stressed the importance of addressing these issues without delay and ensuring that Japan can achieve sustainable growth.

The Finance Minister’s statement highlights the government’s commitment to supporting areas affected by natural disasters and implementing measures to address inflationary pressures. By swiftly passing the budget, the Japanese government aims to provide immediate relief and promote economic recovery in the affected regions.

Overall, Finance Minister Shunichi Suzuki’s call for the early passage of the fiscal 2024 budget reflects Japan’s determination to address pressing issues, support areas affected by the earthquake, and achieve sustainable growth in the country. The revised budget allocation and emphasis on robust pay hikes demonstrate the government’s commitment to tackling inflation and promoting economic recovery.