Japan Lower House OKs FY 2025 Extra Budget

Tokyo, Dec. 11 (Jiji Press)--Japan's House of Representatives on Thursday passed the government's supplementary budget bill for fiscal 2025, which will finance the first comprehensive economic policy package compiled under Prime Minister Sanae Takaichi.

At a plenary meeting of the lower chamber of the Diet, the budget bill was approved by a majority vote, with support from the ruling Liberal Democratic Party and its coalition partner, the Japan Innovation Party (Nippon Ishin no Kai), as well as the opposition Democratic Party for the People and Komeito.

The budget bill is expected to be enacted as early as Tuesday after deliberations in the House of Councillors, the upper Diet chamber.

Under the banner of "responsible yet aggressive" fiscal policy, the budget bill calls for general-account spending of 18,303.4 billion yen, including funds to implement an additional child allowance of 20,000 yen per child. More than 60 pct of the extra budget will be funded by selling government bonds.

In the Lower House, the DPFP voted in favor of the budget bill after the Takaichi administration decided to abolish the provisional gasoline tax surcharge. Komeito finalized its support for the bill at a party meeting earlier in the day.

[Copyright The Jiji Press, Ltd.]