Japan’s Lower House Approves Funding for Kan Stimulus Package

Japan’s lower house of parliament approved legislation to fund Prime Minister Naoto Kan’s 5.1 trillion yen ($60 billion) stimulus package, overcoming objections from opposition lawmakers.

The Diet today passed a 4.4 trillion yen supplementary budget to fund Kan’s plan to fight deflation and combat the stronger yen. The remainder will come through cost cuts and the frontloading of public works projects. The bill becomes law within 30 days even if the upper house, where the ruling Democratic Party of Japan lacks a majority, rejects it.