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font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="The move reflects the government's will to restore the tattered public finances and revive a lacklustre economy" /> <meta name="twitter:title" content="Japan Looking to Trim Budget for First Time in 12 Years" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2022/11/People-consider-products-at-a-drug-store-in-tokyo-Rs-25-11-22.jpeg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nThe Japanese government is looking to reduce its budget next fiscal year for the first time in 12 years, highlighting concerns over the massive public debt of the world's third-largest economy, a draft of the 2024-25 budget showed.\r\n\r\nThe budget is estimated to come to 112.1 trillion yen ($782 billion), compared with the initial 114.4 trillion yen set out in this fiscal year's budget.\r\n\r\nThe move reflects the government's will to restore its tattered public finances and revive a lacklustre economy.\r\n\r\n \r\n<h3>Also on AF: <a href="https:\/\/www.asiafinancial.com\/japan-to-power-up-world-chip-sector-dominance-bid">Japan to Power Up World Chip Sector Dominance Bid<\/a><\/h3>\r\n \r\n\r\nDecades of stop-start fiscal spending and reform have left Japan with the industrial world's heaviest public debt burden \u2013 double the size of its economic output.\r\n\r\nIt is now fighting to achieve an even tougher goal of a balanced budget, excluding new bond sales and debt-servicing costs, by the fiscal year ending in March 2026.\r\n\r\nTax revenue for fiscal 2024-25 is estimated to come to 69.6 trillion yen, slightly overshooting this year's estimate at 69.4 trillion yen, which would be a record amount if corporate profits recover and wage growth spreads.\r\n\r\nNext year the government plans to forego pay increases to boost <strong><a href="https:\/\/www.asiafinancial.com\/japan-to-double-defence-outlay-for-320-billion-military-build-up">defence spending<\/a><\/strong> in the first of several years and reduce its 5-trillion-yen emergency budget so as not to squeeze its annual spending.\r\n\r\nThe government plans to trim new bond issuance for a third straight year, counting on tax revenue growth and spending cuts. Fresh borrowing would stand at around 34.9 trillion yen, down from 35.6 trillion yen for this year's initial amount.\r\n\r\nThe budget draft will be compiled on Friday before being sent to parliament for debate and approval by the start of next fiscal year starting in April.\r\n\r\n \r\n<ul>\r\n \t<li>Reuters, with additional editing by Vishakha Saxena<\/li>\r\n<\/ul>\r\n \r\n<h3>Also read:<\/h3>\r\n \r\n<h3><a href="https:\/\/www.asiafinancial.com\/japan-government-space-spending-sparks-startup-investor-boom">Japan Government Space Spending Sparks Startup Investor Boom<\/a><\/h3>\r\n \r\n<h3><a href="https:\/\/www.asiafinancial.com\/japans-salaries-surge-could-see-boj-turn-to-tightening">Japan\u2019s Salaries Surge Could See BoJ Turn to Tightening<\/a><\/h3>\r\n \r\n<h3><a href="https:\/\/www.asiafinancial.com\/bank-of-japan-seen-ready-to-end-negative-rates-in-early-2024">Bank of Japan Seen Ready to End Negative Rates in Early 2024<\/a><\/h3>\r\n \r\n<h3><a href="https:\/\/www.asiafinancial.com\/japan-to-drop-quarterly-reports-for-listed-businesses-nikkei">Japan to Drop Quarterly Reports for Listed Businesses \u2013 Nikkei<\/a><\/h3>\r\n \r\n\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/japan-looking-to-trim-budget-for-first-time-in-12-years" }, "headline": "Japan Looking to Trim Budget for First Time in 12 Years", "description": "The move reflects the government's will to restore the tattered public finances and revive a lacklustre economy", "datePublished": "2023-12-21T12:26:07+00:00", "dateModified": "2023-12-21T12:26:07+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2022\/11\/People-consider-products-at-a-drug-store-in-tokyo-Rs-25-11-22.jpeg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> People consider products at a drug store in Tokyo. Photo: Reuters </figcaption> </figure> </div> <div class="content"> <p> </p> <p>The Japanese government is looking to reduce its budget next fiscal year for the first time in 12 years, highlighting concerns over the massive public debt of the world’s third-largest economy, a draft of the 2024-25 budget showed.</p> <p>The budget is estimated to come to 112.1 trillion yen ($782 billion), compared with the initial 114.4 trillion yen set out in this fiscal year’s budget.</p> <p>The move reflects the government’s will to restore its tattered public finances and revive a lacklustre economy.</p> <p> </p> <h3>Also on AF: <a href="https://www.asiafinancial.com/japan-to-power-up-world-chip-sector-dominance-bid">Japan to Power Up World Chip Sector Dominance Bid</a></h3> <p> </p> <p>Decades of stop-start fiscal spending and reform have left Japan with the industrial world’s heaviest public debt burden – double the size of its economic output.</p> <p>It is now fighting to achieve an even tougher goal of a balanced budget, excluding new bond sales and debt-servicing costs, by the fiscal year ending in March 2026.</p> <p>Tax revenue for fiscal 2024-25 is estimated to come to 69.6 trillion yen, slightly overshooting this year’s estimate at 69.4 trillion yen, which would be a record amount if corporate profits recover and wage growth spreads.</p> <p>Next year the government plans to forego pay increases to boost <strong><a href="https://www.asiafinancial.com/japan-to-double-defence-outlay-for-320-billion-military-build-up">defence spending</a></strong> in the first of several years and reduce its 5-trillion-yen emergency budget so as not to squeeze its annual spending.</p> <p>The government plans to trim new bond issuance for a third straight year, counting on tax revenue growth and spending cuts. Fresh borrowing would stand at around 34.9 trillion yen, down from 35.6 trillion yen for this year’s initial amount.</p> <p>The budget draft will be compiled on Friday before being sent to parliament for debate and approval by the start of next fiscal year starting in April.</p> <p> </p> <ul> <li>Reuters, with additional editing by Vishakha Saxena</li> </ul> <p> </p> <h3>Also read:</h3> <p> </p> <h3><a href="https://www.asiafinancial.com/japan-government-space-spending-sparks-startup-investor-boom">Japan Government Space Spending Sparks Startup Investor Boom</a></h3> <p> </p> <h3><a href="https://www.asiafinancial.com/japans-salaries-surge-could-see-boj-turn-to-tightening">Japan’s Salaries Surge Could See BoJ Turn to Tightening</a></h3> <p> </p> <h3><a href="https://www.asiafinancial.com/bank-of-japan-seen-ready-to-end-negative-rates-in-early-2024">Bank of Japan Seen Ready to End Negative Rates in Early 2024</a></h3> <p> </p> <h3><a href="https://www.asiafinancial.com/japan-to-drop-quarterly-reports-for-listed-businesses-nikkei">Japan to Drop Quarterly Reports for Listed Businesses – Nikkei</a></h3> <p> </p> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/asia-economy" rel="tag">Asia Economy</a><a href="https://www.asiafinancial.com/tag/japan" rel="tag">Japan</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-300x300.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-768x768.jpg 768w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4.jpg 1000w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/vishakha-saxenaasiafinancial-com">Vishakha Saxena </a></h3> <p style="font-size: 14px;"> Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. 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