Japan Lower House Passes FY 2024 Extra Budget

Jiji Press

18:49 JST, December 12, 2024

Tokyo, Dec. 12 (Jiji Press) — Japan’s House of Representatives on Thursday passed the government’s supplementary budget bill for fiscal 2024, which will finance the first comprehensive economic policy package compiled under the administration of Prime Minister Shigeru Ishiba.

At a plenary meeting of the lower chamber of the Diet, the extra budget bill, which calls for general-account spending of ¥13,943.3 billion , was approved by a majority vote with support from the ruling Liberal Democratic Party and its Komeito ally, as well as the Democratic Party for the People and Nippon Ishin no Kai (Japan Innovation Party).

The ruling bloc now aims to push the budget bill through the House of Councillors on Tuesday. The Upper House’s Budget Committee will hold question-and-answer sessions with all cabinet members on Friday and Monday.

Thursday’s Lower House passage came after the budget bill was revised to reflect the main opposition Constitutional Democratic Party of Japan’s proposal to increase funding for restoration and reconstruction projects in areas on the Noto Peninsula in central Japan that were hit by a massive earthquake on Jan. 1 and a heavy rain disaster in September.

It is the first time in 28 years that a budget bill has been revised in the Lower House.

The DPFP supported the extra budget bill after the ruling coalition accepted its proposals to raise the minimum taxable annual income from ¥1.03 million and to eliminate the extra gasoline tax rate.

Nippon Ishin and the ruling parties, meanwhile, agreed earlier on Thursday to begin talks on its proposal for free education.

The CDP voted against the budget bill because another of its demands was not included.