12 Jan 2015
Japan prepares $800 billion 2015-16 budget
FXStreet (Bali) - Japan's government is preparing to propose a record budget worth more than $800 billion (£527 billion) for the next fiscal year, Reuters reports over the weekend.
Reuters notes: "Abe's 96.3 trillion yen ($813 billion) draft budget for the year from April, to be approved by the Cabinet on Wednesday and submitted to an upcoming session of Parliament, is up from this fiscal year's initial 95.9 trillion, the two officials told Reuters. But spending restraint and a surge in tax revenues as the economy recovers allows the government to cut bond issuance by 4.4 trillion yen to 36.9 trillion, the third decrease in a row and the lowest level in six years, the officials said."
Reuters notes: "Abe's 96.3 trillion yen ($813 billion) draft budget for the year from April, to be approved by the Cabinet on Wednesday and submitted to an upcoming session of Parliament, is up from this fiscal year's initial 95.9 trillion, the two officials told Reuters. But spending restraint and a surge in tax revenues as the economy recovers allows the government to cut bond issuance by 4.4 trillion yen to 36.9 trillion, the third decrease in a row and the lowest level in six years, the officials said."