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Deadline For FY2023 Budget Requests Expires Today

JAPAN

Today marks the deadline for the submission of FY2023 budget requests from each ministry to the Ministry of Finance, Japan's public broadcaster NHK reports. It is expected that the total amount requested by all ministries will reach Y110tn.

  • According to the NHK, the amount to be allocated for debt servicing will be Y26.989tn, which would exceed this year's value by Y2.649tn. On that note, sources told Bloomberg that the Ministry of Finance will adjust the provisional rate for FY2023 debt servicing higher to 1.3% from the current 1.2% to reflect the rise in bond yields, which will boost the cost of debt servicing.
  • The Defence Ministry is poised to lodge a budget request for Y5.595tn, but the final figure is expected to be higher. The government looking to make significant investments in national security and make Japan one of the world's top defence spenders within a few years.
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HomepagePolitical RiskBank of Japan (BOJ) Market NewsPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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