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Economy

Japan's tax revenue to slip below $560bn in fiscal 2019

New bond issues likely as coronavirus bites; more falls expected this year

Japan's Ministry of Finance: The government has cut its tax revenue estimate for the current fiscal year for a second time as the economy is hit by the coronavirus pandemic  (Photo by Shinya Sawai)

TOKYO -- Japan's national tax revenue in the fiscal year ended March is expected to fall below 60 trillion yen ($560 billion) for the first time in two years as a result of the economic slowdown brought on by the novel coronavirus outbreak, Nikkei learned Wednesday.

The latest cut in the forecast follows an earlier downward revision in December to 60.18 trillion yen, driven by U.S.-China trade tensions. That, in turn, was down from the original tax revenue estimate of 62.49 trillion yen.

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