TOKYO -- Japan's cabinet approved on Thursday a package of economic measures worth about 17 trillion yen ($112 billion), including income tax cuts, as Prime Minister Fumio Kishida grapples with persistent inflation and falling approval ratings.
“Wage increases are not keeping pace with price rises,” Kishida said at a news conference on Thursday evening after the government announced a temporary cut in fixed income tax and resident tax that will cost over 3 trillion yen. Those cuts will come into effect as early as June 2024.
