Japanese lawmakers supporting a bill to legalize casinos said it would be tough to pass the law by next month, a sign that the opportunity to link approval with the 2020 Olympics in Tokyo is diminishing.
Japanese Prime Minister Naoto Kan is facing a backlash from ruling party lawmakers over plans to raise taxes to pay for earthquake reconstruction, adding to concern he will be unable to contain the world’s largest debt.
Japan’s parliament passed two pieces of legislation that Prime Minister Naoto Kan said were conditions for him to resign as early today, setting up a succession battle that will play out by early next week.
A cross-party group of senior Japanese lawmakers said Prime Minister Naoto Kan shouldn’t raise taxes to pay for rebuilding from last month’s earthquake, and called on the central bank to buy more government bonds instead.
Japan’s sovereign-rating outlook was cut to “negative” by Standard & Poor’s as the nation’s reconstruction needs following last month’s earthquake will likely add to what’s already the world’s biggest debt load.