The Cabinet will decide today to convene the 1998 regular Diet session on Jan. 12, a week earlier than originally planned, so deliberations on a supplementary budget for 1997 can start quickly after the New Year's holidays, Chief Cabinet Secretary Kanezo Muraoka said Thursday.
The 150-day session will run through June 10. The extra budget includes a hastily decided 2 trillion yen cut in income and residential taxes announced by Prime Minister Ryutaro Hashimoto last week to shore up the faltering economy.
Deliberations on legislation aimed at stabilizing the nation's financial system by infusing a huge amount of public money can begin soon after the extra budget plan is enacted, he indicated. The move is intended to demonstrate to financial markets the determination of the government to restore health in the sector.
The opposition camp has demanded that Prime Minister Ryutaro Hashimoto start the Diet session by apologizing to the public for carrying out policies that the opposition said brought about the current economic situation.
The opposition forces have also demanded that Hashimoto first admit that he has changed his policy for fiscal restraint.