Japan will hold a Senate election in July. Voters' dissatisfaction with inflation may affect the election situation, so that both the ruling and opposition parties' election platforms revolve around inflation. The ruling Liberal Democratic Party has made the issuance of universal subsidies as its main campaign theme, while the opposition has promised to cut the consumption tax rate.
Data released by Japanese authorities on Friday (June 20) showed that the core consumer price index rose 3.7% year-on-year in May, higher than 3.5% in April. Although the Japanese government had previously released rice reserves, rice prices in May were still twice as high as the same period last year. In addition, electricity and natural gas prices also rose by 11.3% and 5.4% respectively in May.
The Liberal Democratic Party announced its election manifesto on Thursday (19th), with "Promoting a Rich Life" as its election slogan. The party has proposed a long-term vision of increasing wages year by year, with the goal of raising the national average annual salary from the current 4.2 million yen (about 37,000 Singapore dollars) to 5.2 million yen in 2030. To ease the impact of inflation, the Liberal Democratic Party government will provide citizens with a price relief allowance of 20,000 yen, and low-income families can receive an additional 20,000 yen subsidy. #美国国债