Alexa
  • Directory of Taiwan

Japan's lower house of parliament approves budget for 2008

Japan's lower house of parliament approves budget for 2008

Japan's lower house of parliament approved a budget for fiscal 2008 as opposition parties boycotted the vote saying there was not enough deliberation.
The lower house of Japan's parliament, controlled by Prime Minister Yasuo Fukuda's ruling bloc, passed the 83.06 trillion yen (US$798 billion; euro526 billion) budget late Friday for the fiscal year starting April 1.
Under the 2008 budget, higher social security payments will offset declines in defense spending, overseas aid and public works projects. Social security payments will rise 3 percent to 21.78 trillion yen (US$209 billion; euro138 billion).
The budget is 0.2 percent higher than the 82.91 trillion yen set for fiscal 2007, and marks the second-straight increase.
New bond sales will be trimmed by 0.3 percent to 25.35 trillion yen (US$244 billion; euro161 billion) for the fourth-straight year of decline. Japan sells new bonds to raise funds to cover tax-revenue shortfalls.
Since reform-minded former Prime Minister Junichiro Koizumi started lessening bond issues during his 2001-2006 tenure, analysts have come to see the amount of new bond sales as a measure of how serious a Japanese government is about fiscal reform.
The budget bill was sent to the opposition-controlled upper house, however, its passage is guaranteed. Under Japan's constitution, the budget can be enacted 30 days after receiving lower house approval, even if the upper house opposes it.
Main opposition Democratic Party of Japan and other smaller parties boycotted the vote Friday arguing for thorough deliberation on issues such as missing pension records.


Updated : 2021-04-21 08:10 GMT+08:00