Japan passes quake relief budget, more spending to follow

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  • Rebuilding may involve more bond issuance, tax hikes

  • Political mess adds to concerns about spending

By Tetsushi Kajimoto

TOKYO, May 2 (Reuters) - Japan's parliament on Monday passed a $50 billion emergency budget for disaster relief after the March 11 earthquake and tsunami, a downpayment on what is set to be country's biggest public works effort in six decades.

The overall cost of damage caused by the world's costliest natural disaster is estimated at $300 billion and the 4 trillion yen emergency budget will be followed by more reconstruction spending packages.

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Reuters - Thomson Reuters Foundation
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