A key panel of the Liberal Democratic Party approved a bill Wednesday that would allow Japan to impose economic sanctions on North Korea without an international agreement.

The proposed bill, drafted by junior LDP lawmakers, would involve amendments to the foreign exchange and trade law.

Under the bill, the government would be able to impose sanctions -- such as halting remittances to Pyongyang -- if it deems a maneuver of this kind necessary to "maintain the nation's peace and safety."