Japan to Issue 6.69 T. Yen in Bonds to Fund Extra Budget

   Tokyo, Nov. 28 (Jiji Press)--The Japanese government plans to issue an additional 6,690 billion yen in bonds in fiscal 2024 to finance nearly half of a supplementary budget with general-account spending of 13,943.3 billion yen, informed sources said Thursday.
   While utilizing an increase of 3,827 billion yen in tax revenue from its previous estimate, the government is set to use the additional bonds to cover a shortage in the funds to support the first economic package compiled under the administration of Prime Minister Shigeru Ishiba, who took office in October.
   The budget bill is expected to be approved at a cabinet meeting Friday and submitted to an extraordinary parliamentary session, which was convened Thursday for a 24-day run, in early December so that it can be enacted by the end of this year.
   The economic package includes benefits for low-income households suffering from high consumer prices, as well as energy subsidies and measures to support central Japan areas affected by the Noto Peninsula earthquake in January this year.
   The issuance of new government bonds in fiscal 2024 will rise to over 42 trillion yen from about 35.4 trillion yen in the initial budget, heightening challenges in the country's debt-dependent fiscal management.

(2024/11/28-17:31)

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