(VOVworld) – On Thursday the Japanese parliament approved a record budget of 803 billion USD for fiscal year 2015, beginning April 1st, to revitalize its economy. The budget was delayed by a general election called by Prime Minister Shinzo Abe last December which sought public approval for postponing a second consumer tax hike until 2017.
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Prime Minister Shinzo Abe (front) and members of his Cabinet bow in appreciation after the House of Councillors approves a record 803 billion USD budget for fiscal 2015.
(Photo: Kyodo) |
The budget was passed by the parliament's upper house, backed by Abe’s Liberal Democratic Party and its coalition, following approval by the lower house in March.
The budget will help Japan stave off deflation for economic growth and financial recovery despite rising social security costs due to an aging population.