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- Japanese finance minister says meeting budget target may take more time
Japanese finance minister says meeting budget target may take more time
Reuters reports that Finance Minister Taro Aso said that Japan may need more time to meet its budget target of achieving a primary balance surplus by fiscal 2025.
"It's true that we are facing a situation where more time may be needed to achieve the primary balance target," Aso said.
On the other hand, Japan's tax revenue has grown despite the pandemic's impact on a fragile economy, making it hard to foresee the fiscal outlook, Aso said.
He said he had no idea how much more fiscal spending the coronavirus may require.
The primary budget balance, which excludes new bond sales and debt servicing, serves as a barometer to determine whether Japan can finance its expenditures with tax revenue without resorting to new borrowing.
Japan has pushed back the primary balance target several times in the past due to rounds of heavy fiscal stimulus it has rolled out to weather economic downturns. Many private-sector analysts see the fiscal 2025 target as difficult, if not impossible, to meet.
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