The Japanese government approved $3 billion in spending on Tuesday to help households pay their electricity and gas bills as utility costs rise due to the Middle East war, AFP reports.
Like many Asian economies, Japan relies heavily on imported fuel from the Middle East, and has moved to counter the impact of the Strait of Hormuz blockade on supplies and prices.
The decision to help cover bills for three months from July comes a day after Prime Minister Sanae Takaichi announced a plan to compile a $19bn extra budget to help tackle soaring prices of everyday goods.
“We approved the spending of 513.5bn yen at the cabinet meeting today” to support electricity and gas bills between July and September, Masanao Ozaki, deputy chief cabinet secretary, told reporters.
