Japan's Fiscal Condition Worsening amid Pandemic
Tokyo, June 2 (Jiji Press)--Japan’s fiscal condition is worsening rapidly as the government has been increasing spending to weather the economic fallout of the coronavirus pandemic.
At a subcommittee meeting of the Fiscal System Council, an advisory panel to the finance minister, on Monday, participants expressed concern that more burdens will be passed on to future generations.
The government’s general-account spending is set to reach a record high of 160.3 trillion yen in fiscal 2020, which started in April, due to two sets of supplementary budgets.
The total amount of government bond issuances is also set to hit a record high of 90.2 trillion yen as spending in the two extra budgets will be fully covered by bonds.
The first extra budget was enacted in April. The second is expected to be submitted to parliament next week.
[Copyright The Jiji Press, Ltd.]