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Japan govt to issue 2.7-trillion-yen new bonds

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14 May 2022 03:05:59 GMT9
14 May 2022 03:05:59 GMT9

TOKYO: The Japanese government plans to issue new bonds to fully fund a proposed 2.7-trillion-yen fiscal 2022 supplementary budget to implement emergency measures to cushion the impact of soaring prices, informed sources said Friday.

As a result, the total new Japanese government bond issue amount for the current fiscal year through next March will reach around 39.6 trillion yen, including 36,926 billion yen to finance spending in the initial budget for the year.

The government hopes to adopt the extra budget at a cabinet meeting Tuesday and introduce it to the ongoing parliamentary session, the sources said.

The draft extra budget earmarks some 1.2 trillion yen in subsidies to oil wholesalers to curb rises in gasoline and other fuel prices and about 1.5 trillion yen to replenish the reserve funds, which were tapped into to implement some emergency measures.

The government and the ruling coalition may draw up another large-scale stimulus package ahead of the House of Councillors election this summer, people familiar with the matter said, suggesting the possibility of a further expansion in the government debt.

JIJI Press

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