Japan passes crucial deficit-financing bond bill

Japanese lawmakers on Friday passed a crucial deficit-financing bond bill that will allow Tokyo to pay for a huge chunk of this year’s public spending, avoiding the country’s own “fiscal cliff”.

The bill was a key condition for Prime Minister Yoshihiko Noda calling elections, now set for December 16, after he warned large parts of Japanese public life would grind to a halt unless the bill won parliamentary approval.

via Business feed http://www.scmp.com/business/economy/article/1083765/japan-passes-crucial-deficit-financing-bond-bill