Japan budget requests hit a record $1.02 trln for FY2014
Reuters -- Aug 30
Japan's government ministries will make budget requests totalling a record 99.2 trillion yen ($1.02 trillion) for the fiscal year from next April, sources familiar with the figures told Reuters, adding to its already strained public finances.
Prime Minister Shinzo Abe is struggling to balance the need for economic stimulus and the need to rein in the country's public debt, which is double the size of its GDP - the heaviest such burden among the industrialised nations.
The budget requests, which must all be submitted by Friday, compare with 92.6 trillion yen earmarked for this fiscal year.
The Ministry of Finance in recent years has typically trimmed the requested total by several trillion yen when it prepares its draft budget in December.
The process is complicated this year, however, as no ceiling has been set for the budget draft due to a pending sales tax increase, while Abe's government faces pressure for more spending to stimulate the economy.
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