Japan Lower House to Pass FY 2024 Extra Budget Thurs.

Tokyo, Dec. 12 (Jiji Press)--The House of Representatives is expected to pass on Thursday evening the Japanese government's draft supplementary budget for fiscal 2024, which will finance the first comprehensive economic package compiled under the administration of Prime Minister Shigeru Ishiba.

At a plenary meeting of the lower chamber of the Diet, Japan's parliament, the draft budget with 13,943.3 billion yen in general-account spending is likely to be approved by a majority vote with support mainly from the ruling coalition of the Liberal Democratic Party and Komeito. It will then be sent to the House of Councillors, the upper chamber.

The Democratic Party for the People is also expected to vote in favor of the budget bill at the full Lower House meeting, after the opposition party struck a deal with the ruling side Wednesday on raising the 1.03-million-yen income tax threshold. Nippon Ishin no Kai (Japan Innovation Party), an opposition party, is also seen supporting the government draft.

The extra budget envisions funds for reconstruction projects for areas in the Noto Peninsula in central Japan hit by a massive earthquake on Jan. 1 and torrential rain in September, as well as for cash benefits aimed at helping cushion the impact of rising prices and subsidies for lowering electricity and gas bills.

The main opposition Constitutional Democratic Party of Japan on Wednesday submitted to the Diet an amendment to the draft government bill, calling for an increase in outlays for Noto Peninsula reconstruction and reductions in fresh funding for government-run funds.

[Copyright The Jiji Press, Ltd.]