Japan OKs $21B extra budget to tackle rising prices

TOKYO (AP) — Japan’s parliament has enacted a $21 billion extra budget to tackle soaring fuel and food prices following Russia’s invasion of Ukraine. The extra budget is for the current fiscal year that started April 1 and will fund part of a $48 billion emergency economic package that the government adopted in April, including subsidies to oil wholesalers to minimize the impact on consumers. Crude oil prices have risen sharply due to fears of disruptions in supplies from Russia due to its invasion of Ukraine. Wheat and corn prices are also up significantly, prompting food prices to soar.