Japan Cabinet OKs Austere Budget
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TOKYO — Japan’s Cabinet, struggling with a 3-year-old recession, approved a 1995 budget Sunday that would reduce spending for the first time in 40 years while expanding public works and foreign aid.
The budget, which needs Parliament’s approval, totals $710 billion for the fiscal year starting April 1, down almost 3% from the fiscal 1994 budget.
It would be the first decline from year-earlier spending since a cut of 0.8% in 1955.
Parliament is expected to convene in mid-January to consider the budget.
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