After achieving growth of an annualized real 3.9 percent in the first quarter of 2015, the government may argue it is on track to attain its fiscal reform goal through fiscal 2020.

But the plan — which relies heavily on economic growth — could increase the risk of missing the target, as the absence of a target for spending cuts may loosen government efforts to curb expenditure as the population ages and social security expenses swell.

Under the plan approved by the Cabinet on Tuesday, the government aims to reduce the ratio of the primary balance deficit to gross domestic product to around 1 percent in fiscal 2018, to turn the deficit into a surplus by fiscal 2020.