Japanese Primes Minister Shinzo Abe’s cabinet approved a record JPY 102.7T general account budget today, for the fiscal year beginning April 2020. That marks a 1.2% rise from the current fiscal year. There will be JPY 61.7T in general spending, with JPY 36T on social security. JPY 23.4T will be used for debt servicing. JPY 15.8T will be transferred to regional and local governments.
Meanwhile, the government projected to have JPY 63.5T in tax revenue, JPY 32.6T in revenue from bond issuance, and JPY 6.6T income from others sources. Also, the government doesn’t project a balanced budget until fiscal 2027.
