EBC Newsletter – October 5, 2022

• Prime Minister Fumio Kishida expressed his determination to do his utmost to combat rising prices and raise wages in a policy speech during an extraordinary session of the Diet convened Monday.
  Aware of the increasing criticism of his administration, he also emphasized that he will humbly face the harsh voices of the people.
  In his speech, the prime minister placed top priority on economic revitalization, focusing on three points: responding to high prices and the weak yen; increasing wage hikes and establishing a system to keep them high; investments and reforms for growth. (The Japan News)

• Japan is considering extending its subsidy program for oil wholesales to lower retail gasoline prices beyond its current year-end deadline to next spring, intending to prevent a sharp hike in fuel costs amid persistent supply concerns triggered by Russia’s invasion of Ukraine, sources familiar with the situation said Saturday.
  The government plans to set aside more than 1 trillion yen from the envisaged fiscal 2022 second supplementary budget that will finance an economic stimulus package to be finalized in October, the sources said. (The Mainichi)

• The government on Friday took a step toward domestic production of sustainable aviation fuel (SAF) by establishing a working group involving more than 10 companies, including petroleum and chemical manufacturers.
  The Ministry of Land, Infrastructure, Transport and Tourism expert group will strive to create a cooperative framework to obtain international certification for the fuel and begin production in fiscal 2025.
  SAF is made from used cooking oil and other types of discarded waste and is said to reduce CO2 emissions by 60% to 80% compared to crude oil-derived jet fuel and is attracting attention as a next-generation fuel. (The Japan News)

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