Prime Minister Shinzo Abe's Cabinet on Friday approved guidelines for compiling the fiscal 2015 budget and said it aimed to improve the economy and restore Japan's fiscal health — the worst among the major industrialized countries.
An estimate released earlier in the day, however, showed Japan is unlikely to meet its international commitment to achieving a government budget surplus by fiscal 2020, even if it completes the doubling of the consumption tax hike to 10 percent next year.
According to the guidelines, ministries and agencies are to make their budget requests by the end of August, with the 2015 budget to be compiled later this year.