Japan logs 2.6 tril. yen budget surplus in FY2022

Jul 04, 2023 | News On Japan

TOKYO - Japan's government has posted a budget surplus of 2.6 trillion yen, or about 18 billion dollars, for the previous fiscal year. That is the second largest figure on record.

It comes as a modest economic recovery drove overall tax revenues to a new high.

The Finance Ministry announced the settlement of the fiscal 2022 budget on Monday. At least half the surplus must be spent to redeem government bonds under the law. The rest is expected to be used to fund an increase in defense spending.

The ministry figures show tax receipts were more than 71 trillion yen, or over 490 billion dollars. That was up about 4 trillion yen, or 28 billion dollars, from fiscal 2021 and marked a record high for a third consecutive year.

Revenue from corporate, personal income and consumption taxes each increased between about 1.1 and 1.3 trillion yen, or 7 and 9 billion dollars.

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