Package includes support for corporate financing, and subsidies to lower petrol prices and partially cover electricity bills.
Japanese Prime Minister Shigeru Ishiba has announced emergency economic measures to alleviate any impact on industries and households affected by the United States’s new tariffs on products from Japan.
The package unveiled by Ishiba on Friday includes support for corporate financing as well as subsidies to lower petrol prices by 10 yen ($0.07) a litre (0.26 gallons), and partially cover electricity bills for three months from July, a government document showed.
“I have instructed cabinet members to make the utmost efforts to aid firms and households that have been worried about tariff impact,” Ishiba said at a tariff task force meeting.
US tariffs could have a significant impact on Japanese industries that support the economy such as automobiles and steel, he said.
To help small and mid-sized companies more vulnerable to economic swings, a larger scope of firms will be eligible for low-interest loans extended by government-backed banks.
The government will also consider additional measures to boost domestic consumption depending on the impact of US tariffs on Japan’s massive automotive industry.
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