With pricier resources and a weakening yen accelerating inflation in Japan, the government is weighing a round of fresh assistance to ease the public’s mounting pain. The cash assistance would apply to households earning too little to pay local income taxes.

Significantly more than 10 million are expected to qualify for the payments, which would be funded by the government’s budget reserves for fiscal 2022.

Japan had distributed ¥100,000 to low-income households back in fiscal 2021 to blunt the economic blow of the coronavirus pandemic.

The government will separately continue to subsidise oil distributors in October and beyond to curb the rise in gasoline prices. It will consider funding the extension through December out of its budget reserves.

To slow the increase in food prices, the government will also maintain its current pricing for imported wheat sold to flour-milling companies in October and beyond.

Other major economies are also planning large-scale relief efforts to soften the blow from soaring energy prices.

Germany will reportedly impose a windfall tax on electricity producers to fund a €65 billion (US$64.5 billion) relief package. New British prime minister Liz Truss is reportedly compiling a new energy aid package seen potentially costing more than £100 billion (US$115 billion).