Finance Minister Hirohisa Fujii said Tuesday the issuance of government bonds will most likely rise from the ¥44 trillion initially projected in fiscal 2009 because of an expected sharp fall in tax revenues.
Fujii's remarks, made at a news conference, came amid the possibility that tax revenues, previously projected to total about ¥46.1 trillion, may fall below ¥40 trillion for the first time since fiscal 1985 if the economy does not pick up dramatically in the months ahead.
Fujii blamed the possible drop in tax revenues on the global economic crisis. But he declined comment on the total amount of bonds the government may issue in the year through March 31.