Japan's Diet OKs Bill to Promote Economic Security
Tokyo, May 11 (Jiji Press)--The Diet, Japan's parliament, on Wednesday enacted a bill on promoting economic security, one of the centerpiece policies of Prime Minister Fumio Kishida.
The House of Councillors, the upper chamber of parliament, approved at a plenary meeting the bill aimed at enhancing supply chains of strategically important goods such as semiconductors.
The bill was endorsed by a majority vote with support mainly from the ruling coalition of the Liberal Democratic Party and Komeito, the main opposition Constitutional Democratic Party of Japan and Nippon Ishin no Kai (Japan Innovation Party), also an opposition party. The House of Representatives, the lower chamber, passed the bill last month.
The legislation comes at a time when the United States and China are competing for dominance and Russia's invasion of Ukraine has heightened global tension.
Opposition parties were concerned that the legislation would disrupt free economic activities by companies excessively. In this regard, the Cabinet Committees of both parliamentary chambers adopted a collateral resolution, respectively, demanding that enough respect be paid to the autonomy of businesses.
[Copyright The Jiji Press, Ltd.]