Japan cabinet approves record $939 billion budget spending plan for fiscal year 2020/21
TOKYO - Japan’s government has approved a record budget spending plan worth $939 billion for the coming fiscal year, the Ministry of Finance said on Friday, as it struggles to curb spending and manage the industrial world’s heaviest public debt burden.
Prime Minister Shinzo Abe has prioritized growth over fiscal reform under his “Abenomics” reflationary policy of monetary stimulus and flexible spending, and planned spending has increased for eight straight years. Parliament must now approve the plan, along with a separate extra budget for this fiscal year, early in 2020.
Perhaps mindful of fiscal discipline, Japan aims to cut new bond issuance for a 10th straight year - to 32.6 trillion yen from 32.7 trillion yen this year, helped in part by additional revenues from the sales tax hike.
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