The ruling Liberal Democratic Party and the opposition camp reached a final agreement early Monday morning, putting an end to the prolonged dispute over financial stabilization bills.
In negotiations that continued until after midnight Sunday, the LDP agreed to the opposition's compromise offer to give a proposed "financial resuscitation committee" -- a new independent financial supervisory agency -- limited authority in dictating policy for the banking sector. The two sides also agreed to quickly work out a scheme to deal with weak financial institutions, such as those with thinning capital bases.
Monday's deal reached between the LDP and two opposition forces -- the Democratic Party of Japan and the Heiwa-Kaikaku parliamentary group -- effectively paves the way for the financial bills to clear the Diet during the current session, which is set to end Oct. 7.