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24.06.2021, 06:22

Japan to abolish fiscal advisory panel as COVID adds to debt pile

Reuters reports that two government officials told that Japan will abolish on Thursday a nearly two-decade-old panel consisting of academics and corporate executives that has offered long-term proposals on fixing the country's worsening finances.

The move comes as huge stimulus packages to combat the coronavirus pandemic add to Japan's already huge public debt, which twice the size of its economy.

The panel, which met about twice a year to debate Japan's fiscal policy and long-term debt issuance plans, will hold its final meeting on Thursday, the officials said on condition of anonymity.

Created in 2004, the panel served as a mouthpiece for the finance ministry by warning of Japan's worsening finances and calling for the need to prevent debt issuance from ballooning.

The panel's proposals formed a basis for discussions by a group of primary dealers and bond investors on how much debt Japan can issue without disrupting markets each year.

The government may create a new panel as a replacement, though details such as its participants have yet to be decided, the officials said.

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