Japan passes crucial deficit-financing bond bill
- Published: 16 Nov 2012 at 09.47
- Online news: Asia
Japanese lawmakers on Friday passed a crucial deficit-financing bond bill that will allow Tokyo to pay for a huge chunk of this year's public spending, avoiding the country's own "fiscal cliff".
This file photo shows a general view of a plenary session of the upper house of the parliament in Tokyo, pictured in August. Japanese lawmakers on Friday passed a crucial deficit-financing bond bill that will allow Tokyo to pay for a huge chunk of this year's public spending, avoiding the country's own "fiscal cliff."
The bill was a key condition for Prime Minister Yoshihiko Noda calling elections, now set for December 16, after he warned large parts of Japanese public life would grind to a halt unless the bill won parliamentary approval.
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