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Japan's record $940 billion budget may help COVID-hit economy, fiscal discipline in doubt

Friday, December 24, 2021
Japan's record $940 billion budget may help COVID-hit economy, fiscal discipline in doubt © Reuters. FILE PHOTO: A view of the skyline and buildings at Shinjuku district during sunset in Tokyo, Japan June 20, 2021. REUTERS/Pawel Kopczynski

TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida's cabinet approved on Friday a record $940 billion budget for the next fiscal year as COVID-19 responses added to the costs of supporting an ageing population and rising military outlays to cope with China.

The 107.6 trillion yen ($941.55 billion) budget for fiscal year 2022/23, which starts in April, is Japan's biggest-ever initial spending plan, underlining its priority on reviving the pandemic-hit economy over restoring long-term fiscal health.

The first annual budget under Kishida comes after parliament approved 36 trillion yen of extra stimulus spending for this fiscal year to aid the recovery from COVID-19.

But there is still limited room for spending in growth areas like green and digital transformation.

The budget includes 5 trillion yen set aside to cover emergency costs of COVID-19, a record defence outlay of 5.37 trillion yen, the largest-ever welfare cost of 36.3 trillion yen and 24.3 trillion yen for debt servicing. Japan's public debt is twice the size of its $5 trillion economy, the heaviest among industrialised countries.

Kishida has pledged to improve Japan's public finances in the long run and the budget foresees new borrowing next fiscal year of 36.9 trillion yen, less than the 43.6 trillion yen initially planned for this year.

Lower borrowing will be replaced with higher tax revenues, seen rising for the first time in two years to a record 65.2 trillion yen as COVID-19 curbs on economic activity are eased.

The government estimates real economic growth of 3.2% in fiscal year 2022/23, up from a prior estimate of 2.2% which provides the basis for the budget plan.

But with debt still accounting for 34.3% of the budget, it will remain difficult to achieve a primary budget surplus by fiscal year 2025/26 as the government aims to do.

The primary budget deficit - excluding new bond sales and debt servicing - is seen at 13 trillion yen in FY2022/23, improving from 20 trillion yen seen this year but still far from the government's target.

($1 = 114.2800 yen)

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27-01-2022 04:28:23 (UTC+7)

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 EUR/USD1.1199↑ Buy
 GBP/USD1.3424↑ Buy
 USD/JPY114.99Sell
 AUD/USD0.7088↑ Buy
 USD/CAD1.2680↑ Sell
 EUR/JPY128.77Neutral
 EUR/CHF1.0378Neutral
 Gold1,814.20↑ Buy
 Silver23.315↑ Buy
 Copper4.4692Buy
 Crude Oil WTI87.17Buy
 Brent Oil88.50↑ Buy
 Natural Gas4.100↑ Buy
 US Coffee C236.43↑ Sell
 Euro Stoxx 504,140.65↑ Buy
 S&P 5004,349.93↑ Buy
 DAX15,354.39↑ Buy
 FTSE 1007,482.78↑ Buy
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,971.72Neutral
 IBEX 358,645.20↑ Buy
 BASF68.105↑ Buy
 Bayer52.04Neutral
 Allianz225.68Neutral
 Adidas241.75Buy
 Lufthansa7.046↑ Buy
 Siemens AG138.89↑ Buy
 Deutsche Bank AG11.852Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(5/ -5) # 1,256
SJC HCM6,195/ 6,255
(15/ 10) # 1,274
SJC Hanoi6,195/ 6,257
(15/ 10) # 1,276
SJC Danang6,195/ 6,257
(15/ 10) # 1,276
SJC Nhatrang6,195/ 6,257
(15/ 10) # 1,276
SJC Cantho6,195/ 6,257
(15/ 10) # 1,276
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RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
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Dầu hỏa1779018140
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Ngoại tệMua vàoBán ra
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EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
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