The Liberal Democratic Party on Tuesday asked the government to convene the next regular Diet session earlier than scheduled so that deliberations on newly planned legislation aimed at stabilizing the nation's financial system can begin as soon as possible.
The move is intended to demonstrate to financial markets the strong determination of the ruling party and the government to correct the current financial uncertainty, LDP Secretary General Koichi Kato said.
A set of bills must be enacted to allow for the issue of 10 trillion yen in government bonds for Deposit Insurance Corp. to help recapitalize troubled financial institutions, as proposed by the LDP on Tuesday.
Kato met with Chief Cabinet Secretary Kanezo Muraoka on Tuesday afternoon and asked him to move up the Jan. 19 start date of the regular Diet session. Muraoka initially declined the request, citing the time needed to prepare a set of relevant bills. However, the top government spokesman later said that the government will reconsider the matter.