Japan

Budget passed


Published

The fiscal budget for 2012 was finally passed yesterday by Japan’s parliament, the Diet. The budget is the highest in record, standing at ¥94 trillion.

The government had to set an emergency budget of ¥3.61 trillion to cover the first six days of April because of the delay in setting the 2012 budget which should have been passed before the end of March.

The government has further worries as it struggles to take a consumption tax increase to parliament and also to get approval for a bill allowing the issuing of bonds to cover as much as 40% of the current budget.

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