Japan Approves Extra Budget to Deal with Earthquake Aftermath

Posted October 21st, 2011 at 1:50 am (UTC-5)
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Japan's government has approved an extra $157 billion draft budget to help pay for the reconstruction of tsunami-affected areas in the country's northeast.

The supplementary budget was approved by the Japanese cabinet on Friday, and calls for the issuance of bonds to help pay for the bulk of the rebuilding from the March disaster.

It also earmarks about $26 billion to help businesses cope with the rising strength of the yen, which hurts Japanese exporters by making their goods more expensive.

The budget bill is subject to approval in Japan's divided parliament, where it could face opposition.

It would be Japan's second biggest extra budget, following one issued in 2009 in response to the global financial crisis.