IR bill champion optimistic of passage by June

    Takeshi Iwaya, a Diet member who is one of the main proponents of the bill to legalise integrated resorts in Japan, is optimistic the promotion bill  can be passed before the current Diet session ends on 22nd June, according to UBS analysts who recently met with the lawmaker. Potential obstacles lie in whether the relevant committee will have the time and resources to discuss the bill given other budget priorities and not in garnering enough support, he said. UBS said the timetable seems in line with market expectations.

    The current thinking is that IRs will be allowed in major cities, including those outside the capital and they will ideally be jointly developed with domestic firms. Taxes and fees are likely to reference other jurisdictions, UBS said.