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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's lower house passes fiscal 2009 budget By MARI YAMAGUCHI,Associated Press Writer AP - Saturday, February 28 TOKYO - Japan's powerful lower house of parliament passed a record 88.5 trillion yen ($907.7 billion) budget Friday aimed at boosting the country's ailing economy. ADVERTISEMENT The budget, which includes emergency economic assistance to boost employment and public works projects, is for the fiscal year beginning in April. The budget passing could increase calls for Prime Minister Taro Aso to hold early elections, as he had said getting the budget and related legislation enacted required his full attention. Aso has suffered single-digit approval ratings in recent polls after repeatedly coming under fire for gaffes and a lack of leadership during the global economic crisis. Most recently he was hit by a scandal in which his finance minister and right-hand man was forced to step down following accusations that he appeared drunk at a news conference. Aso has resisted calls to resign and hold early elections, including from within his own ruling party, saying he needed to work through the country's financial crisis. Japan is going through its worst economic downturn in decades. Unemployment remains high _ though data released Friday showed it eased to 4.1 percent in January _ while consumer spending is falling and companies are struggling. Friday's government figures also showed Japanese industrial output plunged 10 percent, the largest drop in more than 50 years. Though Friday's budget and related legislation will likely take effect because it was passed by the powerful lower house of parliament, it still faces a vote in the largely symbolic, opposition-controlled upper house. The opposition previously tried to kill legislation supplementing the current budget, especially an unpopular cash payout to taxpayers totaling 2 trillion yen ($20.5 billion), saying it was ineffective and essentially vote buying. Many expect Aso's Liberal Democratic Party, which has long held power in Japan, to lose in the next general elections. The prime minister can call elections at any time, but they must be held by Sept. 10. Recent polls indicate Ichiro Ozawa, leader of the opposition Democratic Party of Japan, has more support than Aso. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Stocks point lower after Citi deal, GDP readingAP - 1 hour 34 minutes ago World stocks mostly lower as economic fears weighAP - 1 hour 46 minutes ago U.S. economy shrank at faster rate in fourth quarterReuters - 1 hour 58 minutes ago Economy shrinks at worst pace in 25 yearsAP - 1 hour 59 minutes ago Related Articles: Business Deals of the day -- mergers and acquisitionsReuters - 1 hour 8 minutes ago Pilgrim's Pride to idle 3 U.S. plantsReuters - 1 hour 17 minutes ago Wall St. falls on Citi and GDP; S&P at 12-year lowReuters - 1 hour 17 minutes ago US STOCKS SNAPSHOT-Wall St falls on Citi, GDP; S&P at 12-yr lowReuters - 1 hour 18 minutes ago Russia's c.bank starts repos with sharesReuters - 1 hour 26 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed RBS posts record British loss, offloads toxic assets Obama drives reform with 3.55-trillion-dollar budget Diet, exercise could cut cancer rates by third HIV mutates at high speed to avoid immune system: study Citigroup, US Treasury reach deal on government stake View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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