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Tuesday, 3rd May 2011
In Business In Japan,

Japanese parliament passes disaster budget

Earthquake relief efforts in Japan have been given a massive boost by the news that the country's Lower House has voted to approve the first extra fiscal budget of the year.

This week the 4 trillion yen (£30 billion) budget is expected to be enacted, with the backing of both the ruling coalition and opposition parties, after passing through the House of Representatives on Saturday (April 30th), Japan Times reported.

The budget is designed to finance initial reconstruction schemes, including temporary housing, resulting in a projected 0.6 per cent boost to Japan's GDP.

In other Japanese business news, car manufacturing giant Toyota has announced that its sales slumped significantly last month, as the country reacted to the March 11th earthquake.

Toyota said in a statement that sales in April were down by 51 per cent year-on-year, after a 37 per cent annual drop-off for March was recorded.

Written by Kimberley Homer