Japan has prepared an emergency relief package worth $103bn to cushion the economic blow from rising raw material costs, and plans further steps later this year to promote long-term reforms, Prime Minister Fumio Kishida said on Tuesday. Kishida is under pressure to ramp up fiscal spending ahead of an upper house election scheduled to take place in July, putting Japan out of sync with many Western economies that are gradually phasing out crisis-mode stimulus measures. The ¥13.2tn ($103bn) relief package, to be funded mostly by reserves set aside under the current fiscal year’s budget, will consist of steps to deal with the immediate hit from rising prices such as subsidies to gasoline wholes
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