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Japan's Cabinet vows "significant" cut in bond issuance in budget policy

Japan's Cabinet vows "significant" cut in bond issuance in budget policy

The Cabinet approved on Friday a basic policy on the budget for the fiscal year beginning next April pledging to trim bond issuance significantly and carrying out a thorough cut in expenditures.
The Finance Ministry plans to present a draft budget later this month that the Cabinet is expected to approve around Dec. 24, Kyodo News agency reported.
The government will focus on strengthening Japan's competitiveness in the global market and revitalizing local economies in compiling the budget for fiscal 2007, Prime Minister Shinzo Abe said in a statement.
"We will cut our issuance of government bonds significantly from this year's level, and cut down and review our expenditures thoroughly," Abe said.
The basic policy approved Friday did not specify how big that cut will be. Finance Minister Koji Omi said earlier this week that the size of the cut is not fixed yet, but it is going to be more than 1 trillion yen (US$8.63 billion; euro6.56 billion).
The government has planned to issue bonds worth 29.97 trillion yen ($258 billion; euro196.74 billion) for the current fiscal year.


Updated : 2021-10-19 11:40 GMT+08:00