Japan raised its estimates for long-term interest rates over the coming few years in government's twice-yearly fiscal projections issued on Tuesday, following the central bank's decision last month to allow 10-year bond yields to move more widely.
heaviest debt burdenWhile a decade of aggressive monetary stimulus under Bank of Japan Governor Haruhiko Kuroda did little to economic growth, which averaged around 1% over that time, it has kept the government's borrowing costs at rock-bottom.
"It's not easy to realise it at a time when uncertainty heightens," Prime Minister Fumio Kishida told a meeting of his 11-member top economic advisory panel - Council on Economic and Fiscal Policy - which includes Kuroda. The government, which has missed budget-balancing targets for a decade, would miss it again due to increased defence budget, leaving a shortfall of 1.5 trillion yen in fiscal 2025, up from 500 billion yen seen previously.
Assuming the baseline scenario of zero growth, the debt-to-GDP ratio is expected to turn upward in the latter half of the forecast period.
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