Japan targets 40 trillion yen bond issuance

The Japanese government aims to keep new bond issuances around 40 trillion yen by 2027 to fund the budget, with expectations that the budget requests submitted by ministries and agencies will exceed 130 trillion yen for the upcoming fiscal year—a record level for the fourth consecutive year. Previously, the government successfully maintained bond issuance levels at approximately 40 trillion yen despite increased expenditure through supplementary budgets, which could lead to an overall growth in spending. Additionally, the government is considering using its foreign exchange reserves of about $1.3 trillion to finance a reduction in consumption taxes on essential foods, aimed at alleviating the burden of rising living costs. However, this move would create an annual deficit of roughly 5 trillion yen and increase pressure on the sustainable financing of the budget.

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