Tokyo, 22 Dec - Japan's government plans to compile an annual budget of 107,6 trillion yen (941.38 billion), the Nikkei newspaper reported on Wednesday.
The budget will reach a record high due to the fact that the cost of combating the coronavirus epidemic and the increased cost of human resources to pay for an ageing population will be a major factor.
The government was aiming to build more than 30 trillion yen in deficit-covering bonds, ending from April, in the second straight year. Unlike this, a billion yen in debt must be accounted for in the year 2022, according to Nikkei, without calling sources to the newspaper.
The government also expects the tax revenues to increase by the next fiscal year, compared to the current year, giving rise to a lower volume of new debts issued by the government, the newspaper said.
As with the current year, the government also expected tax revenues to increase in the next fiscal year, leaving the issue of new bonds rising, a newspaper said.
That spending includes five trillion yen in reserves to pay for gif-related emergency expenses, it added.
Japan's public debt, which is twice its size, is the largest among the developed nations after years of intense stimulus and growing costs due to the burden of paying for its rapidly becoming the rapidly population.
The cabinet of Prime Minister Fumio Kishida will approve the budget plan on Friday.
1 $ = 114,3000 yen.