The ruling Liberal Democratic Party and main opposition Constitutional Democratic Party of Japan agreed at a meeting Thursday that the post of Budget Committee chair in the House of Representatives will go to the CDP.

LDP parliamentary affairs chief Tetsushi Sakamoto and his CDP counterpart, Hirofumi Ryu, reached the agreement after the ruling coalition — comprising the LDP and junior partner Komeito — failed to secure a majority in the all-important lower chamber of the Diet, the country's parliament, last month.

"We want to take the result of the Lower House election seriously," Sakamoto told reporters in explaining the reason for his party's concessions to the opposition bloc.