Japanese govt. lists US tariffs, rice supply as top policy priorities
Japan’s draft economic policy prioritizes countering US tariffs and stabilizing rice supply. It outlines support for domestic industries and sustainable farming. To spur growth, wage hikes are favored over tax cuts. Stockpiled rice will help manage prices. The government still targets a primary budget surplus by fiscal 2026, though meeting this goal soon is increasingly difficult.
NHK has learned that responding to US tariffs and ensuring a stable rice supply are top priorities in a draft of the Japanese government’s economic and fiscal policies for the year.
The draft notes that tariffs imposed by the administration of US President Donald Trump could put downward pressure on spending and investment, negatively impacting Japan’s entire economy.
The outline says the government will continue its strenuous efforts to persuade the US to review its series of tariff measures. It also says Tokyo plans to provide funding and other forms of support for domestic industries.
Stockpiled rice will be doled out to stabilize the price of the staple, according to the draft. It says the government will also step up efforts to encourage the trend toward sustainable farming to ensure a steady supply of rice.
Other key items include wage hikes. The draft states that the government aims to grow the economy through pay increases rather than by cutting taxes to boost workers’ take-home pay.
The draft also refers to the primary balance, which is a measure of a government’s fiscal health. It says the government aims to achieve a surplus in the primary balance by fiscal 2026. It indicates that it is becoming increasingly difficult to achieve that goal in the current fiscal year.
The government is seeking Cabinet approval of the draft as early as next week, following consultations with the ruling parties.
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Source : NHK World Japan
