Japan reviews spending policy
By Leika Kihara |
June 14, 2010, Monday
|
Print Edition
Print Edition
JAPAN'S government will review some of the spending plans pledged by the ruling party as part of an effort to rein in the country's huge public debt, new Finance Minister Yoshihiko Noda said yesterday.
Prime Minister Naoto Kan, a fiscal conservative who took over the nation's top job last week after the abrupt resignation of his predecessor, has made tackling Japan's huge public debt a top priority amid market concerns about sovereign debt risk.
"It's a very severe situation," Noda said, referring to the country's public debt that is near twice the size of its GDP.
Noda said the government would consider which of the spending plans pledged earlier by the Democratic Party to prioritize.
Kan told reporters on Saturday he may consider reducing the amount of child allowances paid to households in cash due to fiscal constraints.
The government is also set to unveil this month medium and long-term targets to fix Japan's finances.
Prime Minister Naoto Kan, a fiscal conservative who took over the nation's top job last week after the abrupt resignation of his predecessor, has made tackling Japan's huge public debt a top priority amid market concerns about sovereign debt risk.
"It's a very severe situation," Noda said, referring to the country's public debt that is near twice the size of its GDP.
Noda said the government would consider which of the spending plans pledged earlier by the Democratic Party to prioritize.
Kan told reporters on Saturday he may consider reducing the amount of child allowances paid to households in cash due to fiscal constraints.
The government is also set to unveil this month medium and long-term targets to fix Japan's finances.
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