Japan passes $250B economic package meant to lift wages and spur growth

Japan has approved a $250 billion economic stimulus package centered around initiatives intended to boost incomes. The broad plan passed by the Cabinet on Friday is the centerpiece of Prime Minister Shigeru Ishiba’s recently installed administration. It provides support for digital innovation in the world’s fourth largest economy, subsidies to defray for rising energy costs and help for low-income households. The plan is designed, the government says, to instill a sense of “well being” in the Japanese people. Japan has managed weak growth in recent quarters, but worries remain about the long term. The plan also calls for raising the annual tax-free salary threshold.