Home News & Analysis UPDATE: Planning for a New Prime Minister by Tuesday, Japan Lawmakers Vote on Bonds Bill Today; Money for Guam Military Buildup on the Line

GUAM – Japan will have a new chief executive on Tuesday, as Prime Minister Naoto Kan, hopeful that Parliament will approve special bonds legislation today to finance the country's 2011 national budget, has signaled he'll resign as early as today.

Bloomberg, Forbes and others are reporting that, barring a last minute break down of an agreement between Tokyo's ruling and opposition parties, Parliament today will enact a deficit-covering bonds bill to finance spending commitments that include money for the Guam military buildup. The bonds bill, together with passage of renewable energy legislation, will ensure Mr. Kan's departure, the ultimate goal of Parliament leaders on both sides.

The bonds will pay for the remaining 40 percent of the country's $1.1 trillion regular budget for fiscal year 2011, including 53.2 billion yen to relocate thousands of U.S. Marines to Guam from Okinawa.

Japan has committed $420 million of that money to upgrade Guam's wastewater utilities, a potential watershed event for the military buildup that would remove a major obstacle to breaking ground on the construction of a new Marine base in the northern part of the island.

The election to determine Mr. Kan's successor is planned for Monday.

 

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Image used in this article courtesy tungphoto / FreeDigitalPhotos.net.



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