然而，面对重重困难，日本政府展现出了积极应对的姿态。根据草案内容，政府计划利用税收收入的增长，大幅削减下一财年的新债券发行量，从原先规划的35.4万亿日元锐减至28.6万亿日元，这一举措标志着自17年前以来，新债发行规模首次跌破30万亿日元的重要门槛，彰显了政府改善公共财政状况的坚定决心。In response to the double pressure of surging social security spending and rising debt repayment costs, the Japanese government will begin an unprecedented fiscal year budget preparation process in April, totaling 734 billion US dollars.
The Zhitong Finance App learned that according to reports, the Japanese government's draft financial plan reveals that in order to cope with the double pressure of surging social security spending and rising debt repayment costs, the Japanese government will begin an unprecedented fiscal year budget preparation process in April, totaling 734 billion US dollars (equivalent to 115.5 trillion yen). This figure will undoubtedly increase Japan's debt burden and become the focus of attention at home and abroad.
In this context, the Bank of Japan's policy shift is particularly remarkable. After 10 years of economic stimulus measures, the Bank of Japan is gradually withdrawing from this historic policy framework, which means that the government will no longer be able to easily use ultra-low borrowing costs and strong support from the central bank to provide effective financing for growing debt as before. This change has undoubtedly posed an unprecedented challenge to the Japanese government's fiscal management.
However, in the face of many difficulties, the Japanese government showed a positive attitude of responding. According to the draft, the government plans to use the increase in tax revenue to drastically reduce the amount of new bonds issued for the next fiscal year, from the original plan of 35.4 trillion yen to 28.6 trillion yen. This move marks the first time since 17 years ago that the scale of new bonds issued has fallen below the important threshold of 30 trillion yen, demonstrating the government's firm determination to improve the public finance situation.
The strong performance of tax revenue is also noteworthy. Thanks to a significant recovery in corporate profits, the government expects tax revenue to reach an unprecedented level of 78.4 trillion yen, providing valuable funding to ease fiscal pressure.
However, as interest rate expectations rise — interest rates are expected to rise from 1.9% to 2% starting in April this year — the government's debt repayment costs will also rise, from 27 trillion yen this year to 28.2 trillion yen. This change has undoubtedly added new uncertainty to the already tight financial situation.
Overall, the Japanese government is facing a complex and pressing fiscal challenge: on the one hand, it needs to prepare a record budget to meet the growing demand for public spending; on the other hand, it needs to find a delicate balance between reducing the issuance of new bonds, improving tax efficiency, and coping with the increase in debt repayment costs due to rising interest rates, so as to reduce the debt burden while steadily promoting the improvement and sustainable development of public finance. This series of measures will not only test the wisdom and determination of the government, but will also have a profound impact on the future direction of Japan and the global economy.
