Japan's Aso says government to compile US$797b budget spending plan for FY2016

[TOKYO] Japanese Finance Minister Taro Aso said on Tuesday that the government will compile a draft budget for the next fiscal year that starts in April, with spending worth 96.7 trillion yen (S$1.12 trillion).

Tax revenue is expected to reach 57.6 trillion yen, while new bond issuance is estimated at 34.4 trillion yen, Mr Aso said, confirming figures that had been reported by Reuters last week.

The draft budget is expected to be endorsed by the cabinet on Thursday and sent to parliament for approval early next year.

Mr Aso was speaking to reporters after he presented the budget figures at a meeting between government officials and ruling party lawmakers.

REUTERS