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Japan to cut budget for the first time in 12 years

Japan to cut budget for the first time in 12 years

Posted on December 26, 2023   |  

Japan's government aims to decrease its budget in the upcoming fiscal year, marking the first reduction in 12 years and reflecting concerns about the nation's significant public debt, as revealed in a Reuters-reviewed draft of the 2024-25 budget.

The proposed budget is expected to be 112.1 trillion yen (US$782 billion), a decrease from the initial 114.4 trillion yen allocated in the current fiscal year.

Japan faces the challenge of the world's heaviest public debt burden, doubling the size of its economic output, leading to efforts to achieve a balanced budget by the fiscal year ending in March 2026, excluding new bond sales and debt-servicing costs.

Estimated tax revenue for fiscal 2024-25 is 69.6 trillion yen, slightly exceeding this year's projection of 69.4 trillion yen.

The government plans to forgo contributions to defense spending increases in the coming years and reduce its 5 trillion yen emergency budget to avoid impacting annual spending.



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