Japan prepares to approve $87 billion economic stimulus package this week

Japan's ruling coalition and a key opposition party have reached an agreement on an $87 billion economic stimulus package. This package aims to address rising prices and includes raising the tax-free income allowance and lowering the gasoline tax. The agreement between the Liberal Democratic Party, Komeito, and the Democratic Party for the People clears a significant hurdle for the package's approval. It is expected to be approved by Prime Minister Shigeru Ishiba's cabinet on Friday. The stimulus will provide direct payments to low-income households, including 30,000 yen ($193) for tax-exempt households and 20,000 yen per child for families. Parliament will discuss a supplementary budget next month to fund the package.