Japan’s Fiscal 2011 Budget of 92 Trillion Yen

Japan’s fiscal 2011 budget of 92,411.6 billion yen was enacted Tuesday under a constitutional provision that gives superiority to the House of Representatives.

The budget for fiscal 2011 from Friday was rejected earlier in the day at the opposition-controlled House of Councillors, the upper chamber of Japan’s parliament. The Lower House passed the budget on March 1.

Because the Upper and Lower Houses could not reach an agreement, consultations between the houses were held, but the talks ended in failure. As a result, the fiscal 2011 budget was enacted under the constitutional provision, as approved by the Lower House.
The government will now turn its attention to a fiscal 2011 supplementary budget to finance emergency reconstruction projects and take legislative measures to help people affected by the earthquake and tsunami on March 11.

Given that Japan is estimated to need over 10 trillion yen for reconstruction in the aftermath of the 9.0-magnitude quake, which devastated the country’s northeastern region, the ruling bloc must seek the cooperation of the opposition.

Leave a Reply