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article imageJapan reveals its record $1 trillion national budget

By Andrew Moran     Dec 28, 2009 in World
The Japanese government has unveiled their annual budget over the Christmas weekend and it turns out that it will be a record high budget of 92.9 trillion Yen ($1 trillion).
In a global economic recession, most governments believe that they must step in and rescue citizens, therefore, rationalize their astronomical budgets. Over the weekend, before leaving for a three-day official visit to India, Japanese Prime Minister Yukio Hatoyama’s government unveiled a record $1 trillion budget, according to Reuters.
The nation's budget is from the year to March 2011, which is the first budget under the new Democratic Party-led government that has been in office for less than three months. The primary focus in the budget is on increased spending for child support and to slash wasteful spending on public projects.
The Japanese Prime Minister told reporters at a news conference, reports Press TV, that his government will help support the country’s weak economic recovery. This year’s economy turned out to be the worst since the “lost decade.” A 1.4 per cent growth is expected for the continent’s largest economy.
“This budget is to protect lives. I exerted all my efforts to secure budgets to support child-rearing, employment, the environment and welfare. I will do my best to avoid a double-dip recession.”
The Canadian Press reports that the government will issue a record 44 trillion yen ($480 billion) in bonds to hide the recent drop in tax revenues, while also maintaining the world’s largest public debt. The national budget has been confirmed by the Prime Minister’s cabinet but it will meet the nation’s Parliament early next year.
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