Japan is facing a spending crisis, warns prime minister

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In Japan, it looks like time could be running out before the country faces its own fiscal cliff, and the government can't seem to agree on how to avoid it.

The day-to-day functions of Japan's government will seize up unless deadlocked politicians pass a new debt financing bill, Prime Minister Yoshihiko Noda warned Monday.

Martin Schulz from Fujitsu Research Institute in Tokyo told the BBC'a Asia Business Report that the government is facing a "very difficult situation".

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