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Japan’s Prime Minister Sanae Takaichi has approved a $117 billion supplementary budget for the current fiscal year, marking one of the country’s most expansive fiscal moves in recent years. The new package, largely financed through additional government bond issuance, aims to counter rising living costs, support households, and stimulate long-term economic growth amid persistent inflation pressures.
The government’s 18.3 trillion yen in extra general account spending surpasses last year’s allocation, reflecting Takaichi’s assertive fiscal stance. This comes just a week after Japan unveiled a 21.3 trillion yen stimulus package—the largest since the pandemic—signaling a strong push to bolster the economy during a period of global uncertainty.
To help fund the initiative, Tokyo expects tax revenues to exceed earlier projections by 2.88 trillion yen, pushing total tax receipts above 80 trillion yen for the first time. However, the government still plans to issue 11.7 trillion yen in new bonds, significantly more than the previous year’s additional debt. To calm market concerns over rising yields on long-term bonds, authorities will increase issuance of short- and medium-term securities while keeping long-term supply unchanged.
The stimulus measures include 2.7 trillion yen in tax cuts and 8.9 trillion yen in direct support for households. Key components feature 20,000 yen cash handouts per child, along with subsidies designed to reduce electricity and gas bills. Another 6.4 trillion yen is earmarked for strategic investments in sectors such as shipbuilding, artificial intelligence, and semiconductors, underscoring Japan’s push to strengthen its industrial competitiveness.
Economists note that the administration, governing without a majority in either legislative chamber, made broad concessions to secure political backing for the budget. Despite rising public debt—the highest among developed nations—Takaichi insists that fiscal discipline remains a priority and pledges to lower Japan’s debt-to-GDP ratio over time.
Following the supplementary budget, total government bond issuance for the year is expected to reach 40.3 trillion yen, slightly below last year’s level of 42.1 trillion yen.
