Japan set to enact record ¥96tr fiscal year 2014 budget

 Japan’s parliament is set to enact on Thursday a draft budget for fiscal 2014 totaling a record 95.88 trillion yen, aimed at cushioning the negative impact on the economy of a planned consumption tax hike in April, lawmakers said Wednesday.At a plenary session of the House of Councillors slated to be held late Thursday, the budget for the fiscal year starting next month is certain to be approved by a majority from the ruling Liberal Democratic Party and its coalition partner the New Komeito party, according to Japan’s (Kyodo) News Agency.The budget was endorsed by the more powerful House of Representatives late last month.Under the Constitution, the annual budget is automatically enacted within 30 days of being sent to the upper house after the lower chamber’s approval.