Please try another search
Economy59 minutes ago (Nov 30, 2021 04:00AM ET)
© Reuters. FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of Japan amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon/File Photo
TOKYO (Reuters) – Japan’s draft budget for next fiscal year will likely see total spending exceed a record $946 billion due to rising defense and social welfare costs, Kyodo news agency reported on Tuesday.
The huge expenditure would follow a massive pandemic-relief spending package funded by this year’s supplementary budget, and likely to lead to an increase in debt issuance, Kyodo said.
The government is expected to finalise in late December the budget for the fiscal year beginning in April 2022, and pass it through parliament by March, Kyodo said.
Of the total spending worth 107-trillion-yen ($946 billion) in next fiscal year’s budget, defense spending will be increased to around 5.4 trillion yen reflecting Prime Minister Fumio Kishida’s focus on boosting national security, Kyodo said.
Tax revenues are expected to exceed 60 trillion yen due to the economy’s recovery from the COVID-19 pandemic, up from 57.4 trillion yen expected in the current year, Kyodo said.
That would still leave the government with a short-fall that would require it to increase debt issuance, the agency reported, citing unidentified government sources.
($1 = 113.1200 yen)
Related Articles
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.