Japan’s Katayama Says Will Use Reserve Funds for Subsidies (1)

The government will use about $3.2 billion from the reserve fund for this year’s annual budget to finance utility subsidies, Japanese Finance Minister Satsuki Katayama said.

“Regarding electricity and gas rates from July to September, we have decided to use ¥513.5 billion ($3.2 billion) from this year’s reserve fund as a source of funding to provide support that will keep rates below last summer’s levels,” Katayama told reporters Tuesday following a cabinet meeting.

Satsuki Katayama

Photographer: Kiyoshi Ota/Bloomberg

The government will later replenish the reserve fund to Y1 trillion through the extra budget that is currently still being compiled. The supplementary budget of just ...