Japanese House of Representatives Passes ¥13.9 Trillion Supplementary Budget with First Revision in 28 Years

Dec 12, 2024, 09:33 AM

The Japanese House of Representatives passed a ¥13.9 trillion supplementary budget bill for fiscal year 2024 on December 12, 2024, which will finance a comprehensive economic policy package under Prime Minister Shigeru Ishiba's administration. The bill was approved with the support of the ruling Liberal Democratic Party (LDP) and its coalition partner Komeito, along with the opposition Democratic Party for the People (DPP) and Nippon Ishin no Kai (Japan Innovation Party). The budget plan includes measures to address inflation, support for areas affected by the Noto Peninsula earthquake, and the resumption of subsidies for electricity and gas charges. It was revised to incorporate proposals from the opposition, marking the first such revision in 28 years. Prime Minister Ishiba expressed satisfaction with the process, describing it as a 'deliberate parliament' where both ruling and opposition parties engaged in thorough discussions.