Abe and Yamaguchi to compile a large extra budget

7 years ago by in Featured, Politics

abe and yamaguchiLiberal Democratic Party’s leader Shinzo Abe and the head of New Komeito party Natsuo Yamaguchi reached an agreement on Tuesday, meant to place Japan’s economy back on track.

The two political leaders agreed to compile a large supplementary budget for fiscal 2012 and to reconstruct faster the northeastern side of Japan, which was affected by last year’s violent earthquake and tsunami.

Abe, who will lead Japan’s next government, will begin working on the extra budget as soon as his government will start its activity next week, according to the Japanese press.

Abe and Yamaguchi announced they plan to form a coalition government, estimated to be launched on December 26. One day earlier, on December 25, the two leaders’ secretaries general and policy chiefs will organize consultations to allow Abe and Yamaguchi to sign a coalition agreement, the two parties’ officials said.

Abe and Yamaguchi stated they will work together on an economic stimulus package. This includes the extra budget, reconstruction programs and a reform of the electoral system for the Lower House, which might include a reduction of the number of seats.

Liberal Democratic Party and New Komeito obtained together a two-thirds majority in the House of Representatives and the all-important lower chamber of the Diet.