Japan

Supplementary budget approved


Published

The Japanese Cabinet has approved a draft supplementary budget this week which will help to finance a stimulus package worth around 5.05 trillion yen (£39.5 billion; $62 billion).

The Cabinet has also concluded the outline of integrated social security and tax reforms which will move the government closer to passing the consumption tax which Prime Minister Noda has placed at the heart of his policy initiatives.

The package is likely to be submitted to Parliament next month. The opposition have already said that they will oppose the tax increases saying that the current government does not have a mandate for such a tax rise.

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