Japan's Prime Minister Ishiba Reaches Agreement with DPP on Stimulus Package

According to Makoto Hamaguchi from the Democratic Party of Japan (DPJ), Prime Minister Shigeru Ishiba has reported that he has reached an agreement with his party regarding the economic stimulus package, promising that discussions on the opposition's tax reduction proposals will be included among the measures.

Hamaguchi stated that the package would encompass annual tax reform discussions for the upcoming fiscal year, including the proposal by the DPJ to raise the income exemption ceiling to 1.03 million Yen ($6,650), as well as discussions on reducing gasoline taxes, which was also proposed by the DPJ.

The three parties also agreed to pass an additional budget necessary to finance the stimulus package by the end of December. With this agreement, Ishiba has received the green light to finalize the package in an effort to regain public support following the ruling Liberal Democratic Party and its coalition partner losing their majority in last month's national elections. Meanwhile, the DPJ has also gained a foothold to advance its policy proposals.