Gist of Japan's FY 2021 draft budget

The following is the gist of Japan’s record-high 106.61 trillion yen ($1.03 trillion) draft budget for fiscal 2021 approved by Prime Minister Yoshihide Suga’s Cabinet on Monday. The government: — earmarks 23.76 trillion yen in debt-servicing costs. — allocates 5 trillion yen for reserve funds to be spent in future response to the coronavirus pandemic. — sets aside 35.84 trillion yen for social security expenses and 5.34 trillion yen for defense outlays, both record highs. — estimates tax revenue at 57.45 trillion yen, larger than the downwardly revised estimate of 55.13 trillion yen in fis…

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HEDGE accordingly