TOKYO : Japan's finances are becoming increasingly precarious, Finance Minister Shunichi Suzuki warned on Monday, just as markets test whether the central bank can keep interest rates ultra-low, allowing the government to service its debt.
The government has been helped by near-zero bond yields, but bond investors have recently sought to break the Bank of Japan's 0.5 per cent cap on the 10-year bond yield, as inflation runs at 41-year highs, double the central bank's 2 per cent target. Suzuki reiterated the government's aim to achieve an annual budget surplus - excluding new bond sales and debt-servicing costs - in the fiscal year to March 2026. The government, however, has missed budget-balancing targets for a decade.
"The government will strive to stably manage Japanese government bond issuance through close communication with the market," he said.
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