Tokyo: Japanese Prime Minister Fumio Kishida on Friday instructed Finance Minister Shunichi Suzuki to increase reserves in the government’s fiscal 2024 budget bill, in response to the powerful earthquake that hit the Noto Peninsula in central Japan on Monday.

Speaking to reporters after meeting with Suzuki, Kishida indicated that the government will use reserves in its fiscal 2023 budget for the time being to respond to the earthquake.

Suzuki separately told reporters that the government will approve at a cabinet meeting on Tuesday the use of 4.74 billion yen from fiscal 2023 budget reserves to boost aid for affected areas.

According to the prime minister, the government currently has more than 460 billion yen in fiscal 2023 budget reserves, and the fiscal 2024 budget bill includes reserves of 500 billion yen.

“It’s essential to respond seamlessly (to the earthquake) until recovery and reconstruction are completed,” Kishida said. “I’ll take the lead and make efforts so that affected people can return to a peaceful life,” he added.

JIJI Press