The Japanese finance ministry wants to borrow US$195 billion to pay down debt in FY2023

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Last Updated on August 23, 2022 by Bitfinsider

According to the Yomiuri newspaper, Japan’s Ministry of Finance will ask for 26.9 trillion yen (US$195.5 billion) to pay for debt payments in the fiscal year beginning in April 2023. (Aug 23).

According to Yomiuri, without specifying any sources, that would represent a rise of 10.9% from the baseline debt-servicing budget for this fiscal year.

The finance ministry chose not to respond to questions about the report.

The increase in national debt-servicing expenses, including as interest payments and debt redemptions, brought attention to the industrial world’s largest public debt burden, which is more than twice as large as Japan’s economy.

After the hefty social security outlay, debt servicing costs make up more than 20% of Japan’s yearly budget spending, making them the second-largest item.

Japan’s ministries will submit their budget demands by the end of the month for negotiations leading to the compilation of a draft budget in late December, based on the government’s budget plan.

For ten consecutive years, the budget blueprint has not imposed a strict cap on total budget requests, which some analysts believe will allow the fiscal 2023 budget to establish a record.

To assist pay for the expense of sustaining its rapidly aging population, which accounts for a third of the annual budget, which is valued around 107 trillion yen, the blueprint allows welfare budget requests to increase to 560 billion yen.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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