Japan's cabinet approved a stimulus package totaling 21.3 trillion yen ($135.5 billion) on Friday, as Prime Minister Sanae Takaichi seeks to boost the country's slowing economy and offer support to inflation-hit consumers.

Public broadcaster NHK reported that the package was based on three pillars: addressing rising prices, achieving a strong economy, and strengthening defense and diplomatic capabilities, according to a Google translation. This stimulus package is the largest since the Covid-19 pandemic, according to local media.

The cabinet also said it would expand local government grants, as well as provide subsidies for electricity and gas bills. The support measures will kick in January, amounting to about 7,000 yen for a standard household over a three-month period, according

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