Updated March 3rd, 2024 at 08:38 IST

Japan’s lower house passes budget, critical for PM Kishida

The approved budget, totalling 112 trillion yen ($746 billion), encompasses relief provisions for the recent New Year's Day earthquake on the Noto peninsula.

Reported by: Business Desk
Fumio Kishida Prime Minister of Japan | Image:AP
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Japan’s Budget 2024: Japan's lower house of parliament has successfully passed the government's budget for the upcoming fiscal year, marking a critical win for Prime Minister Fumio Kishida amidst declining public support, in a Saturday session.

The approved budget, totalling 112 trillion yen ($746 billion), encompasses relief provisions for the recent New Year's Day earthquake on the Noto peninsula. Its passage ensures enactment by the start of the fiscal year on April 1, regardless of outcomes in the less influential upper house.

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This milestone occurs against the backdrop of Prime Minister Kishida's unprecedented appearance before a parliamentary ethics committee earlier in the week, aiming to address a funding scandal that has contributed to his waning popularity.

Recent polling by public broadcaster NHK indicates that Kishida's approval rating has plummeted to 25 per cent, while support for his ruling Liberal Democratic Party (LDP) hovers around 30 per cent, marking the lowest levels since Kishida assumed office in 2021.

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(With Reuters inputs)

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Published March 3rd, 2024 at 08:38 IST