Japan to Approve Budget Just One Day Before Fiscal Year Begins

Japan’s parliament is set to pass a revised budget just one day before the start of the new fiscal year, alleviating some pressure on Prime Minister Shigeru Ishiba as he navigates a series of domestic and diplomatic challenges, Erica Yokoyama and Sakura Murakami reported for Bloomberg News.

This marks the first time in history that Japan’s upper chamber has revised the budget and sent it back to the lower house for final approval. I Photo: Rs1421 Wikimedia Commons

The ¥115.2 trillion ($772 billion) budget is expected to pass in a plenary session, following multiple revisions. Initially approved by the Cabinet late last year, the budget was amended in both the lower and upper houses.

It marks the first time in history that Japan’s upper chamber has revised the budget and sent it back to the lower house for final approval.

Ishiba has had to negotiate with smaller opposition parties to secure enough votes for passage, making concessions to their demands in the process.

The prolonged negotiations highlight the challenges facing Ishiba’s minority government, which has been on shaky ground since the Liberal Democratic Party’s poor showing in last October’s election—shortly after he took office.

With another election looming this summer, Ishiba has been working to consolidate his support, but a mounting list of domestic and international issues continues to complicate his efforts.