The government will scrap a bill that would have set aside ¥50 trillion to buy shares from the market now that Prime Minister Taro Aso has dissolved the Lower House.
The bill was submitted to the Diet on April 27 as part of Aso's record ¥15.4 trillion stimulus package. Deliberations on the bill haven't taken place because the Democratic Party of Japan, which controls the Upper House together with other opposition parties, is against the measure.
Finance Minister Kaoru Yosano said Tuesday there is now no need to pass the bill because stocks have rebounded. The Nikkei average has gained more than 30 percent since setting a 26-year low March 10.