TOKYO: The Japanese government plans to earmark some 500 billion yen for measures to strengthen economic security in its new stimulus measures to be finalized on Friday, Jiji Press learned Wednesday.

The funds are expected to be used for aiding the development of important cutting-edge technologies, such as semiconductors, for practical use.

The plan was presented to a general meeting of the ruling Liberal Democratic Party’s Policy Research Council the same day.

The new economy-boosting package will include the establishment of domestic production hubs for semiconductors, vaccines and therapeutic drugs, and the strengthening of supply chains for important goods. It will also lay out a plan to draw up legislation on economic security.

On boosting wealth redistribution, a key policy issue for Prime Minister Fumio Kishida, the government will gradually raise the wages of nurses working at medical facilities that treat novel coronavirus patients by around 3 pct. In the first stage of the wage hike, slated for February next year, the government will raise nurses’ monthly salaries by 4,000 yen, or around 1 pct.

Meanwhile, the monthly wages of caregivers, nursery workers and kindergarten teachers will be raised by 9,000 yen, or around 3 pct, next February as well.

Also included in the new economic package will be a temporary measure to limit the rise of retail prices of gasoline through steps to curb wholesale prices. The move comes amid soaring fuel costs due to spikes in crude oil prices.

JIJI Press