The Ishiba cabinet will approve a new economic stimulus package on the evening of November 22.  

The size of the economic measures is expected to be 39 trillion yen or 252 billion in US dollars to support consumer spending and help households in Japan cope with rising high prices.  

Regarding the 1.03-million-yen income tax threshold, the government will raise it after discussing and finalizing the fiscal 2025 tax system reform by the end of this year.  

As for the gasoline tax reduction, the government will consider the matter along with other automobile-related taxes as part of an overall reassessment, with a decision to be made at a later time.  

Regarding the funding and other details, it is stated that further discussions will be held and a solution will be determined.  

In addition, the measure includes support for benefits for low-income households exempt from residential taxation, and the resumption of subsidies for electricity and gas from January 2025.  

The additional amount of the general account in the supplementary budget, which will support the measures, will be 13.9 trillion yen.  

The total size of the stimulus package and the additional amount are larger than last year.