Japan to spend $313 billion in extra budget as tax income overshoots – draft

Light is cast on a Japanese 10,000 yen note as it's reflected in a plastic board in Tokyo, in this picture illustration
Light is cast on a Japanese 10,000 yen note as it's reflected in a plastic board in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/File Photo

November 24, 2021

TOKYO (Reuters) – Japan’s government is set to compile an extra budget for this fiscal year featuring spending worth 36 trillion yen ($313 billion), with additional new bond issuance at 22.1 trillion yen, a draft of documents seen by Reuters showed on Wednesday.

Tax revenue would exceed initial estimates by 6.4 trillion yen in a sign the Japanese economy has weathered the fallout from the COVID-19 pandemic better than earlier thought, the draft of an extra budget due to be crafted on Friday showed.

($1 = 114.8400 yen)

(Reporting by Takaya Yamaguchi; Writing by Tetsushi Kajimoto)