Core Viewpoint - The Japanese government is set to finalize the budget draft for the fiscal year 2026, with total expenditures expected to exceed 122 trillion yen for the first time, marking a historical high [1] Group 1: Expenditure Drivers - The increase in expenditures is primarily driven by two factors: rising social welfare costs and new fiscal support measures aimed at alleviating the impact of rising living costs on households and businesses [1] - These policy directions reflect Japan's fiscal priorities amid the challenges of an aging population and concurrent inflationary pressures [1] Group 2: Debt and Financing - With rising interest rates, the financing costs of Japan's substantial public debt have significantly increased, with expenditures for debt repayment expected to exceed 30 trillion yen in fiscal year 2026, up from a record 28.2 trillion yen in fiscal year 2025 [1] - Despite anticipated nominal tax revenues surpassing the historical high of 80.6 trillion yen for the current fiscal year, fiscal revenues are still unlikely to cover the gap created by the expansion of expenditures [1] - To address the budget deficit, the government plans to issue slightly over 28.6 trillion yen (approximately 182 billion USD) in new government bonds for fiscal year 2026, continuing the trend of high bond issuance seen in recent years [1]
日本2026财年预算草案拟创支出新高 新债发行规模或超28.6万亿日元
Xin Hua Cai Jing·2025-12-22 23:59