Tokyo, Nov 3 (IANS): The Japanese government adopted an economic package worth over 17 trillion yen ($113 billion) as part of its efforts to help households hit by rising prices.

The new measures in the package include a tax cut of 40,000 yen per person and 70,000 yen in payouts to low-income households who are exempt from paying income and residential taxes and would otherwise be left out, with the goal of helping Japan completely exit the deflationary spiral of low prices, low wages and low growth, reports Xinhua news agency.

Meanwhile, the ongoing subsidies for oil wholesalers and utility bill relief measures will be extended through April next year.

"It's critical to support the disposable incomes of Japanese households through temporary (tax cut) measures and prevent the nation from slipping back into deflation," Prime Minister Fumio Kishida said at a meeting with ruling coalition lawmakers.

In order to fund part of the package, the government will draw up a fiscal 2023 supplementary budget to earmark 13.1 trillion yen in additional general-account spending.

The Japanese government plans to get parliamentary approval for the budget by the end of November.