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Japan to approve record budget: reports

In Uncategorized on December 24, 2010 at 5:56 am

 The cabinet of Japanese Prime Minister Naoto Kan is on Friday expected to approve a record budget of 92.40 trillion yen (1.11 trillion dollars) for fiscal 2011, according to local media reports.

The cabinet of Japanese Prime Minister Naoto Kan (pictured) is on Friday expected to approve a record budget of 92.40 trillion yen (1.11 trillion US dollars) for fiscal 2011, according to local media reports

The budget is expected to be slightly larger than the initial budget for 2010, which stood at 92.30 trillion yen, Jiji Press and Kyodo News said.


The budget will include more than 44 trillion yen from issuing new government bonds, a second straight year that bonds have exceeded tax revenue as a source of income, the reports said.


The draft budget, which covers the financial year starting in April, was expected to be approved at a special cabinet meeting later on Friday.


Kan took office in June promising to slash spending and work towards cutting Japan’s massive public debt, which accounts for nearly 200 percent of gross domestic product, but the state of the economy has complicated his task.

Source: SGGP

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