TOKYO: Japan faces “a good opportunity” to realize a growth-oriented economy, Finance Minister KATO Katsunobu said Monday, asking both ruling and opposition lawmakers for cooperation to pass the government’s draft fiscal 2024 supplementary budget “as early as possible.”

In a fiscal policy speech at a plenary meeting of the House of Representatives, the lower chamber of the Diet, Japan’s parliament, Kato said that the government aims to keep on track wage hikes, which are at their biggest in 33 years, and investment growth.

The draft budget, which calls for 13.9 trillion yen in general-account spending, was submitted to the Diet the same day.

The government’s comprehensive economic package, which will be financed by the supplementary budget, has three pillars–promoting the growth of the national and local economies, combating inflation and ensuring the safety and security of citizens.

On the massive size of the extra budget, Kato said, “Based on the thinking that the economy precedes fiscal policy, we will work to realize fiscal consolidation and achieve strong economic recovery simultaneously, aiming to balance both of them.”

JIJI Press