Asia Bizz: The Japanese government has finally managed to meet its budget targets this year, but there are still many hurdles that they need to cross. One of the main problems is the public finance in the country, which is really in a bad shape. Heavy spending and issuance of bonds have kept the country’s hopes alive, and scaled out a budget outline for next April.
This year too, debt issuance and bonds have topped tax revenue in the country, but the Economic ministers are quite worried about the meek fiscal condition of Japan, and have termed it ‘abnormal’. Finance Minister Yoshihiko Noda, feels that the new budget for the year 2011-12 should be passed by cabinet early this Friday, as it will be boosting job availability and proper economic stability in the country.
Japanese economy has been struggling to recover from a long time, and recently the country even sold out it Yen into the market. The Yen had been growing very strongly against many of the major currencies in the world, as a result it was threatening the trade sector of the country.