The Japanese government has announced that it will unveil a supplementary Y3 trillion budget for this financial year. According to Finance Minister Masajuro Shiokawa the extra budget will mean Y1.68 trillion in Japanese government bond issuance and this will bring the total for this year just up to Koizumi's Y30 trillion JGB issuance limit.
Just last week Masajuro Shiokawa had announced that the Finance Ministry was not going to issue new government bonds to bridge an expected shortfall of at least 1 trillion yen in tax revenue for the year to March 2002.
Of the extra budget, an estimated Y1.7 trillion is expected to bolster new fiscal outlays such as funds for natural disasters and Y1.0 trillion will go towards structural reform steps. And about Y260 billion will cover tax reimbursements to regional governments.
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