Japan said to have $15 billion left over from FY 2011 budgets
News On Japan via Bloomberg -- Jun 29
Japan's government has 1.2 trillion yen ($15 billion) in left-over funds from last year's budgets, money that can be used this year to reduce debt and fund fresh spending, the Finance Ministry estimates.
Tax revenue for the year ended March 2012 was 42.8 trillion yen, 803 billion yen more than the government estimated, according to a ministry document obtained by Bloomberg News.
Extra budget funds may provide some relief to Prime Minister Yoshihiko Noda, who this week managed to obtain lower house approval for a bill to double the sales tax to 10 percent by 2015 to tame the world's largest public debt. Fitch Ratings lowered Japan's debt rating in May, citing the "leisurely" progress of Japan's fiscal consolidation while Moody's Investors Service lowered the country's rating last year, keeping it on a negative watch.
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