Japan keeps fiscal tap wide open on budget spending requests to fight pandemic

TOKYO - Japan’s budget for next fiscal year won’t set a spending cap on requests aimed at fighting the COVID-19 pandemic, the finance minister said, suggesting the heavily indebted government would ramp up efforts to revive the coronavirus-battered economy.

The government would ask ministries to keep requests for other spending in line with the current fiscal year’s initial budget totalling a record high of 102.7 trillion yen, Finance Minister Taro Aso said at a cabinet meeting. “Response to the novel coronavirus remains as urgent task,” Aso was quoted as telling a cabinet meeting. “On the other hand, there’s a limit to foresee how to respond with budget spending.”

Prime Minister Shinzo Abe’s government has rolled out a combined stimulus spending worth $2.2 trillion, which has boosted the size of annual budget spending to 160 trillion yen with new debt issuance totalling 90 trillion yen.

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