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Japan's Parliament Passes Fiscal 2011 Budget

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TEHRAN, Mar 29 (ICANA) – Japan's budget for the next fiscal year effectively passed parliament Tuesday, but the enactment of legislation to fund two-fifths of the budget is likely to take more time due to political deadlock, preventing the government from quickly implementing planned economic measures.
Tuesday, March 29, 2011 8:02:33 PM
Japan's Parliament Passes Fiscal 2011 Budget

The legislative impasse is adding to concerns over an economy reeling from damage from a record earthquake and tsunami that battered the nation's northern regions on March 11, dowjones.com reported.

The enactment of the record Y92.412 trillion national budget bill for the fiscal year starting in April became certain after the opposition-controlled upper house voted it down. Japan's constitution stipulates that a lower house- endorsed budget will automatically be enacted even if the upper chamber rejects it or abstains from voting for 30 days.

But some key legislation that is also needed to fully execute the budget has yet to pass parliament amid continued political wrangling, and there is no quick end in sight to the stand-off even as the nation struggles to recover from the quake. Among those bills is one to allow the government to raise Y38 trillion-- or 42% of the planned spending--through the sale of budget deficit-financing bonds.

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