The House of Representatives on Monday passed a fiscal 2002 extra budget aimed at countering the negative effects of an accelerated cleanup of the banking sector.
The budget will be deliberated in the House of Councilors, where it is expected to be endorsed as early as Thursday. Passage through the powerful Lower House ensures its enactment, regardless of approval by the upper chamber.
The supplementary budget features 1.5 trillion yen allocated to public works projects. Another 1.5 trillion yen will go to knitting a safety net that will ease the fall of those who lose their jobs due to an expected surge in corporate bankruptcies as banks accelerate the disposal of nonperforming loans.
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