• Kyodo, Staff Report

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The government will cut its tax revenue estimate for fiscal 2019 possibly by more than ¥2 trillion, from ¥62.50 trillion ($575 billion), as a result of weaker-than-expected corporate earnings amid a slowdown in the global economy, according to official sources with knowledge of the matter.

The first possible decline in three years is expected to prompt the government to issue debt to compile a supplementary budget for the year through March in order to finance reconstruction in areas hit by a series of natural disasters, the sources said Thursday.

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