The budget that will be implemented in the country should total 39 trillion yen, which corresponds to U$253 billion
The Japanese Parliament approved on Tuesday (Dec 17, 2024) the supplementary budget for the current fiscal year, which runs until March 2025, worth U$90 billion (More than R$550 billion at the current rate). The budget seeks to guarantee financing for a new economic package in the country, including reconstruction costs after disasters and inflation relief measures.
The Chamber of Councilors, also known as the upper house, approved the spending plan before the end of the current session of the Diet (as the bicameral legislative branch is called), which should be extended until next Tuesday (Dec 24), after passed the House of Representatives with the support of some opposition parties. The information is from Economic Value.
In the lower house, which is more powerful than the upper house, Prime Minister Shigeru Ishiba’s ruling coalition (Liberal Democratic Party, right) needed the cooperation of opposition parties after losing its majority in the general elections that took place in October this year. . In the upper house, however, control still lies with the government wing.
The governing bloc, led by the liberal Democratic Party, had to comply with several demands from the Democratic Party for the People, including an increase in the tax exemption limit on annual income, which is 1.03 million yen at the moment. Ishiba’s party has sought to encourage employees in part-time jobs to work more hours, increasing income.
The economic package that will be implemented by the Ishiba government is expected to total 39 trillion yen, with the supplementary budget. The package includes subsidies to contain energy costs, which have been rising in Japan, as well as one-off cash payments for low-income families. The supplementary budget also includes reconstruction expenses for the Noto Peninsula, which was hit by a strong earthquake and heavy rains in September.
