Japan PM Kishida to consider new stimulus to ease fuel spike blow: Report

Nikkei newspaper reports the government will likely tap 5.5 trillion yen ($45.41 billion) in reserves set aside under the fiscal 2022 budget.

Japanese Prime Minister Fumio Kishida will consider compiling a fresh stimulus package to cushion the economic blow from surging fuel and grain prices, Kyodo news agency quoted a senior ruling coalition lawmaker as saying on Wednesday.

Kishida, who heads the ruling Liberal Democratic Party (LDP), made the remarks in a meeting with Natsuo Yamaguchi, leader of the LDP's ruling coalition Komeito. Any extra spending, which would follow Tuesday's parliamentary approval of a record $900 billion budget for the 2022 fiscal year, will add to Japan's huge public debt and run counter to other major economies withdrawing crisis-mode policies.

Under pressure by politicians