Japanese Politicians Move to Steer Away From Fiscal Cliff
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Japan’s parliament began talks on how to finance spending for the rest of this fiscal year after a months-long impasse that has left the government weeks away from running out of money.
“We can’t rule out the possibility of adverse economic effects,” from any further delays, Finance Minister Koriki Jojima said today in the Diet’s lower house as debate began on issuing 38.3 trillion yen ($480 billion) in debt to cover about 40 percent of spending for the year through March. Japan’s three main parties have reached an agreement to approve the bond bill in the lower house on Nov. 15, Kyodo News reported.