Japan’s government on Tuesday approved a record budget for the fiscal 2013 that envisages spending cuts for the first time in seven years and a reduction in new bond issuance.
Prime Minister Shinzo Abe’s Cabinet approved a JPY 92.6 trillion general budget for the coming fiscal year. It has raised public works spending and defense expenditure.
Of the JPY 92.6 trillion overall spending, new bond issuance will finance JPY 42.9 trillion. Nonetheless, the government’s planned new bond issue is 3 percent lower than in the current fiscal.
by RTT Staff Writer
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