Japan’s general-account budget for fiscal 2015 is likely to reach a record high of around 96.9 trillion yen ($806.1 billion), topping the 95.9 trillion yen set aside for the initial budget for fiscal 2014, Finance Ministry sources said Wednesday.
With welfare and medical expenses swelling due to the country’s rapidly graying population, social security expenditures are likely to increase to over 31.5 trillion yen, exceeding 30 trillion yen for the second consecutive year, they said.
The government plans to slash new bond issuance by more than 3 trillion yen from the previous year to around 37.8 trillion yen, as its tax revenue is projected to grow with corporate profits improving on the back of the weaker yen, the sources said.
It would be the first time in six years for new debt issuance to be kept below 40 trillion yen.
Central government tax revenue in fiscal 2015 is expected to total about 54.1 trillion yen, the highest level in 22 years, the sources said.
The government is scheduled to endorse the fiscal 2015 budget on Jan. 14.
via Mainichi
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