ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Japan lags behind U.S., U.K. in curbing pandemic deficits

Rising interest rates pose risk for Tokyo as it struggles to scale back stimulus

Japan's massive debt burden could grow heavier as interest rates rise.   © Reuters

TOKYO -- Japan's parliament on Tuesday approved a record high budget for the 11th year in a row, falling behind other advanced economies in reducing deficits racked up at the height of the coronavirus pandemic.

The fiscal 2023 budget totals 114 trillion yen ($872 billion) in spending, 6.7 trillion yen more than the initial budget for fiscal 2022, which ends Friday.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more