And this one might prove more precipitous than its famous US cousin. From the FT’s Ben McLannahan: In an echo of worries in the US over the $600bn of spending cuts and tax increases due to take effect in January – the so-called fiscal cliff – Japanese politicians are at loggerheads over a bill that would allow the government to borrow the Y38.3tn ($479bn) it needs to finance this year’s deficit. In return for support of the bill in an extraordinary parliamentary session beginning on Monday, opposition parties are demanding that Prime Minister Yoshihiko Noda fulfil his pledge to call a general election. So far, Mr ... (full story)