Japan plans a record budget for next fiscal year to support an economy that fell into recession after Prime Minister Shinzo Abe’s government increased the sales tax.
Government ministers and the ruling coalition parties approved the 96.34 trillion yen ($814 billion) budget proposal for the 12 months starting April 1 at a meeting in Tokyo yesterday, Finance Minister Taro Aso told reporters.
Japan, fighting to rein in the world’s heaviest debt burden, will see tax revenue rise to the highest level in 24 years while new bond issuance declines to the lowest since 2008. Abe’s already boosted public works and assistance for small businesses through a supplementary budget for the current year.
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