Japanese PM announces $113 billion economic stimulus

Japanese Prime Minister Fumio Kishida announced a stimulus package worth 113 billion USD aimed at easing the pain from inflation.

The plan involves income and residential tax reductions of 40,000 yen per person, and 70,000 yen cash handouts to low-income households. He also pledged to "lead the way (next year) in urging the business community to raise wages to a level higher than this year". The package was approved by the cabinet on Thursday.