The leaders of two Japanese major opposition parties have agreed to work together to revise the political funds control law by the end of this year to speed up political reforms.

Noda Yoshihiko, the president of the largest opposition party, the Constitutional Democratic Party of Japan, met his counterpart from the Democratic Party for the People, Tamaki Yuichiro, on Tuesday, along with their secretary generals.

In the Lower House election late last month, Tamaki's party quadrupled the number of its seats and Noda's party made major gains. The coalition of the Liberal Democratic Party and Komeito lost its majority.

Noda and Tamaki agreed that their parties will work together to reveal facts about the political fund scandal involving the LDP and to revise the political fund control law, including abolishing political activity funds, within this year.

They also agreed that, with an eye to the Upper House election in 2025, their parties will discuss basic policies on national security, energy and the Constitution, while taking into consideration opinions from the Japanese Trade Union Confederation or Rengo, the country 's largest labor group which supports both parties.

Noda expressed his intention to cooperate with the Democratic Party for the People to implement policies to raise the current annual income cap of 1.03 million yen, or about 6,800 dollars, where workers start paying income tax. The so-called "1.03 million yen wall" is considered to be putting many part-time workers off working longer hours.