Japan approved a 39 trillion yen ($250 billion) economic stimulus package Friday centered around initiatives it said were aimed at boosting individual incomes. The broad plan passed by the Cabinet is the centerpiece of Prime Minister Shigeru Ishiba’s recently installed administration.

In hopes of tackling continuing issues of inflation, the Japanese government okayed a wide-ranging economic package worth $250 billion to address racing energy costs and benefit a lot of low-income families.

Japan's core inflation in October held above the central bank's 2% target and a key index stripping away the effect of fuel accelerated, data showed on Friday, keeping pressure on the central bank to raise its still-low interest rates.

Japan’s overall consumer inflation continued to slow in October, but a rise in underlying price pressures could further clear the path for the central bank to hike rates in December.

Japan’s key inflation gauge held above the central bank’s target even as price gains moderated a tad, in data largely supporting the central bank’s view that underlying inflation remains solid.