Japan's Lower House Passes Record Initial Budget for Fiscal 2019

(Bloomberg) -- The lower chamber of the Japanese parliament early Saturday approved the government’s record 101.5 trillion yen ($907 billion) initial budget bill for the fiscal year starting April 1.

Prime Minister Shinzo Abe’s Liberal Democratic Party and its coalition partner Komeito held a vote on the bill, clearing the way for its passage by the chamber to ensure it can be enacted before the new fiscal year begins. Earlier, opposition lawmakers halted deliberations by submitting a no-confidence motion against a Cabinet minister over his handling of a data scandal in the labor ministry.

Under the Constitution, the budget will automatically take effect 30 days after it’s passed by the lower house. An initial budget for fiscal 2018 was 97.7 trillion yen.

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