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Japan Budget

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NEWS
April 24, 1987 | From Times Wire Services
Parliament approved Japan's annual budget late Thursday night, but without a controversial new sales tax proposed by Prime Minister Yasuhiro Nakasone, which fell victim to opposition delaying tactics. Nakasone wanted the budget passed before his trip to the United States, beginning Wednesday, so the governing Liberal Democratic Party in effect shelved a tax reform plan that included the 5% levy on sales.
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BUSINESS
August 11, 2001 | MARK MAGNIER, TIMES STAFF WRITER
Japanese Prime Minister Junichiro Koizumi's unveiling Friday of the first budget blueprint of his young administration was an attempt to show that his reform program is more than just a slogan. But the widely anticipated plan was immediately criticized by many economists who said it courts disaster by cutting the budget at a time when the world's second-largest economy is on its back.
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NEWS
April 16, 1987 | SAM JAMESON, Times Staff Writer
Amid pushing and shoving, the ruling Liberal Democratic Party on Wednesday rammed its budget bill through the Finance Committee of the lower house of Parliament. The move touched off opposition calls for Prime Minister Yasuhiro Nakasone to resign and the first signs of rebellion in his party.
BUSINESS
August 10, 2001 | Bloomberg News
Japan said it will cut general budget spending by 1.8% in the next fiscal year, the first decline in four years, as the government laid out details of Prime Minister Junichiro Koizumi's plan to rein in public finances. A government panel overseeing the budget for the year starting April 1, 2002, agreed to reduce general budget spending, which excludes debt-servicing costs and subsidies to local governments, to about $388.2 billion, economic and fiscal policy minister Heizo Takenaka said.
NEWS
December 25, 1989 | From Reuters
Japan's defense budget is set to slip next year below the key level of 1% of gross national product, though actual military spending will rise, Finance Ministry officials said Sunday. Strong growth of the Japanese economy means a proposed 5.5% increase in 1990-91 defense spending, to $29 billion, will still put it beneath 1% of GNP for the first time in four years.
BUSINESS
August 11, 2001 | MARK MAGNIER, TIMES STAFF WRITER
Japanese Prime Minister Junichiro Koizumi's unveiling Friday of the first budget blueprint of his young administration was an attempt to show that his reform program is more than just a slogan. But the widely anticipated plan was immediately criticized by many economists who said it courts disaster by cutting the budget at a time when the world's second-largest economy is on its back.
NEWS
November 16, 1998 | From Associated Press
Japan's Cabinet approved a record economic stimulus package today worth nearly $200 billion in an attempt to bring the country out of its worst recession in decades. The massive plan was aimed at turning around the Japanese economy by next year, Prime Minister Keizo Obuchi told reporters after the decision. "We must do all we can to cut the vicious cycle of recession in order to put the nation's economy back into recovery," Obuchi said.
BUSINESS
November 27, 2001 | YONGGI KANG, REUTERS
Japan's Cabinet on Monday approved an extra dose of spending to stop a slide into recession, but the move was overshadowed by the latest no-confidence vote on the economy by an international rating agency. The second extra budget, totalling $20.1 billion in government outlays, follows a $24.1 billion package enacted less than two weeks ago and casts fresh doubt on Prime Minister Junichiro Koizumi's pledge to rein in the nation's huge public debt.
BUSINESS
October 8, 1994 | From Times Staff and Wire Reports
Japan's Spending Program Raises Financing Fears: The nation finalized plans to spend $6.3 trillion on public works projects in the decade starting in April, but it left open the thorny question of how to fund the massive sum. The debate fueled fears that the ambitious program, which aims to shore up an economy recovering from a severe recession and to provide for Japan's aging population, would worsen already-shaky state finances. The new plan, endorsed by the Cabinet, would replace a $4.
NEWS
September 16, 1994 | JIM MANN, TIMES STAFF WRITER
In an attempt to head off a contretemps between Washington and Tokyo, Japanese Defense Minister Tokuichiro Tamazawa said Thursday that Japan will make a "maximum effort" to pay the United States the additional money it earlier had promised for the support of American troops stationed in Japan.
NEWS
December 25, 2000 | From Times Wire Reports
Prime Minister Yoshiro Mori's Cabinet approved a national budget that trims overall spending for the first time in six years but boosts defense spending. The budget bill is expected to be sent to parliament in January and approved before the end of March, when the current fiscal year ends. It calls for $734 billion in total spending in the fiscal year starting in April, down 2.7% from the fiscal 2000 budget. Major cuts are planned in pension outlays and overseas development aid.
NEWS
July 23, 2000 | EDWIN CHEN, TIMES STAFF WRITER
President Clinton announced Saturday that he will veto the Republican bill to cut taxes for millions of married couples, denouncing it as "one part of a costly, poorly targeted and regressive tax plan." While not unexpected, the president's vociferous rejection of the so-called marriage penalty repeal sets the stage for an election-year battle over spending priorities just as the political parties are gearing up for their nominating conventions and the homestretch of Campaign 2000.
BUSINESS
December 26, 1998 | From Associated Press
Japan's troubled economy is continuing its downward spiral with no indication of a rebound in sight, economic data released Friday show. Industrial output is sliding, department store sales are slumping and unemployment has reached a postwar high, according to government figures for November. What's more, a report from financial authorities shows that Japan's notoriously troubled banks have even more bad loans than previously thought.
BUSINESS
December 21, 1998 | From Bloomberg News
Japan today approved a draft initial budget for the fiscal year starting in April that aims at stimulating the economy out of its long recession, but the heavy spending will put the nation deeper into fiscal debt. The Ministry of Finance unveiled a $706-billion budget plan for the year through March 2000, an increase from this year's $675-billion initial budget and a record high. The plan includes a 5.3% increase for general items, which exclude debt payments and tax grants to local governments.
NEWS
November 16, 1998 | From Associated Press
Japan's Cabinet approved a record economic stimulus package today worth nearly $200 billion in an attempt to bring the country out of its worst recession in decades. The massive plan was aimed at turning around the Japanese economy by next year, Prime Minister Keizo Obuchi told reporters after the decision. "We must do all we can to cut the vicious cycle of recession in order to put the nation's economy back into recovery," Obuchi said.
BUSINESS
December 26, 1996 | From Bloomberg Business News
Japanese stocks fell today amid concern the government's new budget fails to provide a needed boost to the economy, which could eventually crimp corporate profit growth. Bank of Tokyo-Mitsubishi Ltd., Industrial Bank of Japan Ltd. and Nomura Securities Co. were among the biggest decliners. "Worries the economic recovery may stall are spreading now that the fiscal 1997 budget has been finalized," said Hiroshi Masuda, deputy general manager at Yamaichi Securities Co.
BUSINESS
December 28, 1992 | From Times Staff and Wire Reports
Japanese Budget Plan Blasted: Japanese newspapers criticized Prime Minister Kiichi Miyazawa for his proposed austerity budget, accusing him of missing the opportunity to jump-start the ailing economy. The Cabinet on Saturday formally adopted a draft budget for the coming fiscal year featuring the lowest growth in defense spending in 33 years and a sharp rise in public works outlays. Planned spending for the year beginning in April grows by just 0.2%, to $588 billion.
BUSINESS
December 30, 1991 | From Times Staff and Wire Reports
Draft Budget Finalized: Japan finalized a draft budget for the coming fiscal year that slashes growth in defense spending, boosts foreign aid and delivers on a promise to Washington that Tokyo will stimulate domestic demand. The Cabinet endorsed a $573-billion budget for the year starting April 1, up 2.7% from an initially planned $557 billion in the current fiscal year. It is the lowest budgetary growth rate in the past five years.
NEWS
December 26, 1994 | Associated Press
Japan's Cabinet, struggling with a 3-year-old recession, approved a 1995 budget Sunday that would reduce spending for the first time in 40 years while expanding public works and foreign aid. The budget, which needs Parliament's approval, totals $710 billion for the fiscal year starting April 1, down almost 3% from the fiscal 1994 budget. It would be the first decline from year-earlier spending since a cut of 0.8% in 1955. Parliament is expected to convene in mid-January to consider the budget.
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