Japan’s Katayama says will scrutinise budget requests for next fiscal year strictly going forward
Japanese Finance Minister (FM) Satsuki Katayama said on Tuesday that the official will not rely on deficit-covering bonds to fund the tax cut. Katayama added that government will scrutinise budget requests for next fiscal year strictly going forward.
Key quotes
We will not rely on deficit-covering bonds to fund the tax cut.
We will ensure market credibility by reviewing both spending and revenue.
We won't issue debt to fund food sales tax cut.
Will aim to secure enough funding through efforts to boost non-tax revenue.
We expect a meaningful level of overshoot in tax revenue.
We will cut wasteful spending drastically from here.
We will scrutinise budget requests for next fiscal year strictly going forward.
Market reaction
At the time of writing, the USD/JPY pair is up 0.26% on the day at 154.75.
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