Japan’s cabinet approved a stimulus package that’s slightly bigger than last year’s, as Prime Minister Shigeru Ishiba followed up on a pledge to ramp up support for households and businesses struggling to cope with higher costs.

Japanese Prime Minister Shigeru Ishiba said on Friday the government would compile a stimulus package of around 39 trillion yen ($253 billion) that will be funded by a supplementary budget it hopes to pass through parliament.

The Japanese parliament on Monday re-elected Liberal Democratic Party chief Shigeru Ishiba as prime minister in a rare runoff vote after the ruling LDP lost its majority in the lower legislative chamber.

Japanese Prime Minister Shigeru Ishiba is set to unveil a $140 billion economic stimulus package to address a range of challenges from inflation to wage growth, following his election promises to alleviate a cost-of-living crunch.

Shigeru Ishiba, the leader of Japan’s ruling Liberal Democratic Party (LDP), has secured a new term as the country’s prime minister after a parliamentary vote on Monday. Ishiba, 67, was first sworn in as prime minister in September after his predecessor,

Shigeru Ishiba's scandal-tarnished coalition lost its parliamentary majority in a lower house election late last month.

Japanese Prime Minister Shigeru Ishiba struck a deal with a key opposition party over his economic stimulus package, by promising that discussion of the opposition’s tax cut proposals will be included among the measures,

Parliament voted Monday to stick with Mr. Ishiba, who will lead a minority government after his party suffered heavy losses in an election last month.

The package is aimed at easing rising living costs and promoting business innovation and investment.