Japan Enacts 3.1-T.-Yen Extra Budget for FY 2026

Tokyo, June 5 (Jiji Press)--Japan's parliament Friday enacted a 3,113.5-billion-yen supplementary budget for fiscal 2026 to finance measures to address concerns over crude oil supplies from the Middle East.

At a plenary meeting, the House of Councillors, the upper chamber of the Diet, passed the draft budget by a majority vote, with support from the ruling Liberal Democratic Party and its junior ally, the Japan Innovation Party, as well as the Democratic Party for the People and Team Mirai on the opposition side.

The Constitutional Democratic Party of Japan, Komeito, Sanseito, the Japanese Communist Party and Reiwa Shinsengumi opposed the budget.

The supplementary budget, which on Thursday passed the House of Representatives, the lower chamber, will be financed entirely with deficit-covering bonds.

Of the general-account expenditures, 2.5 trillion yen will go to a new reserve fund to deal with problems related to the Middle East situation, which is intended to boost financial resources for gasoline subsidies.

[Copyright The Jiji Press, Ltd.]