A lower house committee in Japan's parliament on Wednesday passed a deficit bond issuance bill, ensuring that the government will be able to issue debt to fund about 40 percent of a $1 trillion budget for the year from April 1.
The bill, now set for passage in a lower house plenary session this week and the upper chamber this month, according to media, is one of three bills that unpopular Prime Minister Naoto Kan said must be passed before he steps down.
Kan, Japan's fifth premier in five years, has also cited the passage of a second extra budget and a bill to promote renewable energy as a condition of his resignation. The extra budget has already been passed by the divided parliament, while the energy bill is still under deliberation.
The ruling Democratic party is aiming to hold a party leadership vote as early as August 28, media reports said.
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