Lower house passes 3rd supplementary budget

Japan's Lower House has passed this fiscal year's third supplementary budget to promote reconstruction in areas affected by the March 11th disaster and to tackle the strong yen.

The draft budget totals about 150 billion dollars.
It earmarks about 20 billion dollars of subsidies for rebuilding projects. It also includes about 3.1 billion dollars for decontamination work.

About 6 billion dollars will be used to subsidize Japanese companies building new plants. This is to prevent the hollowing-out of domestic industry amid the record strength of the yen.

The bill was sent to the Upper House for approval.

Thursday, November 10, 2011 16:23 +0900 (JST)