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Japanese Prime Minister Shigeru Ishiba has instructed his ministers to create a new economic package to support households facing rising living costs. The government’s main focus is to combat deflation and revitalize the economy. Ishiba emphasized the need to assist those impacted by Inflation until a positive growth cycle is established. A supplementary budget will be put together following the upcoming general election to fund the package, which includes aid for low-income families and subsidies for local governments.
Additionally, Ishiba aims to increase the minimum wage to 1,500 yen per hour by the end of the decade. He acknowledged the progress made in the economy but emphasized the need for further improvement to create a secure environment for spending.
In terms of foreign relations, Ishiba plans to strengthen ties with like-minded countries and enhance security cooperation with South Korea. He also expressed intentions to collaborate with China while addressing areas of disagreement.
The approval rating for Ishiba’s new cabinet stands at 50.7%, slightly lower than his predecessor’s initial rating. Previous Prime Minister Fumio Kishida faced a decline in approval due to a scandal within the ruling party.
The current exchange rate is $1 to 146.4400 yen.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
