Prime Minister Yoshihiko Noda said Saturday he will ask his Cabinet to approve a plan to hike the 5 percent consumption tax by the end of the fiscal year in March.

Speaking at a news conference after wrapping up regional summits in Indonesia, Noda also said he was determined to cap new bond issuance at ¥44 trillion in the draft budget for fiscal 2012, which begins in April.

Noda returned to Japan on Sunday morning after attending a series of summits with members of the Association of Southeast Asian Nations and their dialogue partners.

Noda's remark on the tax hike legislation Saturday narrowed down the timing. Noda previously said he would have the legislation enacted when the Diet convenes next year.