Japan govt submits 13.9 trillion yen extra budget proposal

Tokyo, Dec 9 The Japanese government on Monday submitted a supplementary budget proposal for fiscal 2024 to the National Diet, outlining measures to address rising prices and stimulate economic growth.

The proposal totals approximately 13.9 trillion yen (about $92.5 billion) in the general account, exceeding last year's supplementary budget, reports Xinhua news agency, quoting national broadcaster NHK.

Key initiatives include support for wage increases, measures to counteract rising utility costs, and assistance for households exempt from residential taxes.

The proposal also plans to allocate funds for infrastructure restoration in regions impacted by the Noto Peninsula earthquake.

The budget will partly rely on a projected 3.8 trillion yen surplus in tax revenue for the current fiscal year and surplus funds from the previous fiscal year.

However, nearly half of the funding, amounting to 6.69 trillion yen, will depend on additional government bond issuance, sparking concerns about long-term fiscal discipline.

The government aims for the budget to pass before the end of the year amid ongoing political debates on related reforms. (1 yen equals $0.0066)

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