Japan approves record $730 billion budget for next fiscal year!
Japan's cabinet on Friday approved a record $730 billion budget for the fiscal year starting in April, while limiting new bond issuance to a 17-year low as a result of record tax revenues.
The budget for the fiscal year that begins in April is estimated at 115.5 trillion yen ($732.36 billion), up 2.6% from the current year's initial total of 112.6 trillion yen, driven by debt service and social security costs.
But record tax revenues are likely to help reduce new bond issuance to 28.6 trillion yen, the lowest since 2008.
As a result, the debt dependency ratio will be 24.8%, which means that new bond sales make up a quarter of the budget. It represents the first drop below 30% since 1998.
The budget plan may be difficult to pass in parliament, however, as Prime Minister Shigeru Ishiba's ruling coalition needs support from opposition parties to pass the legislation since losing its majority in an October election.
A major opposition party is calling for a more aggressive lifting of the income tax threshold in effective tax cuts, potentially hurting tax revenues.
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