Prime Minister Kishida at a press conference in Tokyo on June 13.
Prime Minister Kishida's key policy announcement comes amid speculation that he will dissolve Japan's lower house of parliament this week and call a snap election, a move that could intensify calls from within his party for a sharp spending increase to shore up voter support.
"Now is the last chance to reverse the declining birth rate before the 2030s," Reuters quoted Mr. Kishida as saying at a news conference.
The low birthrate is "a major issue that concerns our society and the entire economy and cannot be delayed," the Japanese prime minister said. "If we do not halt the rapid decline in the birthrate and population, Japan's economy and society will shrink, making it difficult to maintain social security systems," Kishida said.
With measures such as spending more money on families with children and providing housing for hundreds of thousands of such households, Prime Minister Kishida said he hopes the government budget for child care will double by the early 2030s, from about 4.7 trillion yen ($793 billion) now.
The new policy could help the ruling Liberal Democratic Party (LDP) win public sympathy, fueling speculation of an early election.
At a press conference on June 13, Mr. Kishida did not answer questions about plans to hold early elections, saying that many factors would influence this.
Japan's birth rate has been steadily falling, falling last year to a record low of 1.26 (from 1.57 in 1990), despite a series of government measures to reverse the trend.
Under Mr Kishida’s plan, the government will spend about 3.5 trillion yen a year over the next three years on child-rearing subsidies and support for those who take temporary leave to raise children. However, the government has yet to outline exactly how it will finance the measures, raising concerns about rising public debt.
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Mr Kishida again ruled out a short-term tax hike, saying the funding gap would be filled by issuing special child care bonds.
The government will also urge companies to allow employees more flexible working options, such as taking three days off a week, according to the proposals.
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