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Two government officials said Wednesday that Japan plans to reduce its bond issuance in the next fiscal year by 0.5% compared with the current fiscal year. Prime Minister Shinzo Abe seeks a balance between supporting economic growth and controlling huge public debt.
This will be the seventh consecutive year of decline in total bond issuance, despite increasing fiscal spending. Japan's economy relies on exports, and authorities are increasingly concerned that slowing global economic growth and a Sino US trade war could hit corporate tax revenues.
The Japanese government will issue 128.8 trillion yen ($1.19 trillion) of government bonds in the next fiscal year starting in April 2020, down from 129.4 trillion yen this fiscal year, the officials told Reuters. Officials asked for anonymity because the plan had not yet been announced.
The two officials said the government was considering increasing 40-year bond issuance by 600 billion yen to 3 trillion yen over the current fiscal year. Japan has been implementing ultra-low interest rates for many years, and investors seeking returns have strong demand for such long-term bonds.
They added that the distribution plans for other periods would remain unchanged.
New debt issuance in the next fiscal year will decline for the 10th consecutive year to around 32.5 trillion yen, compared with 32.7 trillion yen this year, officials said. The issuance of new bonds does not include new bonds issued to replace matured claims.
The government is expected to approve a draft budget for the next fiscal year on Friday.
After reaching a peak of 156.6 trillion yen in fiscal year 2013, Japanese government bond issuance declined all the way, giving Prime Minister Shinzo Abe reason to claim that Japan maintained a stable and orderly fiscal situation while increasing expenditure to boost the economy.


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