Japanese Prime Minister Kishida Fumio has mapped out a new economic stimulus package partly in response to the continued high cost of living. Kishida revealed the outline on Monday evening.

"We've come through the pandemic and everyone is now struggling with high prices," he said. "We want to implement economic measures to appropriately return to the public the increased tax revenues, which are the result of growth."

Kishida said his government aims to encourage investment and wage hikes through measures such as reducing tax and social security burdens.

The stimulus package is expected to include tax cuts for income gained through domestic investment in key strategic fields, including semiconductors.

The government plans to work with the ruling parties, aiming to finalize the details of the package by the end of next month.