Japan's Prime Minister Kishida Fumio is to head a new expert panel that will discuss ways to reverse the country's falling birthrate.

The panel will be set up as early as next month. Its members will include Children's Policy Minister Ogura Masanobu, economists, and representatives of labor unions and organizations that work with children.

The government intends to compile a draft policy on Friday that will include plans to increase child-rearing allowances and provide more support for parents, as well as reducing the financial burden of higher education.

The government will use the draft to work out the size of the budget, funding sources and other details. It will present an overall plan before coming up with a policy package by June.

Kishida has pledged to double budget allocations for programs related to children.