Japan remains committed to reaching a budget surplus in fiscal 2025, Finance Minister Taro Aso said on Tuesday, even as the heavily indebted nation has been forced to ramp up spending to offset the impact of the coronavirus outbreak.
When asked about a recent move by S&P Global Ratings to cut its outlook on Japan’s sovereign credit rating, Aso said the country could avert a ratings downgrade as long as its stimulus spending succeeds in reviving the economy.
The fiscal goal will be included in the government’s key mid-year policy platform, to be issued by Prime Minister Shinzo Abe’s top economic advisory council next month, which will focus more on promoting digitalisation and reopening of the economy. The prospects of falling tax revenue due to the health crisis and snowballing social security spending to support the fast-ageing population have already made it difficult to reach a primary budget surplus by the fiscal year end to March 2026.
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