government spending: The ruling Liberal Democratic Party and its junior coalition partner, Komeito, hold a majority in both chambers, according to The Japan Times. Most of the new money will be used to fund part of a roughly ¥28 trillion economic stimulus package approved by the Cabinet in August, including infrastructure investment and enhanced welfare services. The second supplementary budget for the fiscal year through March was approved Tuesday by the Upper House after clearing the Lower House last week. The government aims to spark growth led by private-sector demand at a time when prospects for the global economy are uncertain due to a slowdown in China and other emerging economies. With it, government spending for the year through March will total ¥100.01 trillion, topping the ¥100 trillion mark for the first time in three years. The extra budget is also aimed at preparing for possible adverse effects stemming from Britain vote in June to leave the European Union.
(news.financializer.com). As
reported in the news.
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