TOKYO: Japanese Prime Minister ISHIBA Shigeru said on Wednesday he plans to tap surpluses from higher tax revenue, non-tax revenue and an unused budget to fund cash handouts designed to help households combat rising prices.

“We’re expecting extra tax revenue of 1.5 trillion yen ($10.43 billion) to 2 trillion yen, non-tax revenue of nearly one trillion yen,” Ishiba said in a public debate with opposition party leaders ahead of key upper house elections on July 20.

On Wednesday, the Ministry of Finance said tax revenue for the last fiscal year that ended in March hit a record high for the fifth straight year due to robust corporate profits and rising inflation. 

Reuters