Tax & Spend
Japan to Unveil $784 Billion Budget, Adding to Debt Burden
- Plan cuts outlays to offset inflation impact, spur wage hikes
- Debt-servicing costs set to rise by 6.7% to $189 billion
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Japan is set to propose an annual budget that keeps spending at historically high levels after factoring out the impact of reduced pandemic-related outlays.
The initial budget for the fiscal year beginning in April will be ¥112 trillion ($784 billion) compared with the record ¥114.4 trillion for the current year, according to a document obtained by Bloomberg Thursday. The framework will be submitted to the cabinet for approval on Friday.