Government spending to help Japan's economy mitigate the shocks of the COVID-19 pandemic and accelerating inflation will likely total around ¥68.5 trillion ($471 billion based on current rates) in the four years to fiscal 2023, a Kyodo News analysis showed Saturday.
With most of the funding coming from debt issuance and the government's goal of restoring fiscal health taking a backseat, Prime Minister Fumio Kishida faces the urgent task of carrying out spending reforms as the world's third-largest economy recovers from the economic slump.
The analysis used data submitted by the private-sector members of a key government panel on fiscal policy and official figures in measuring the size of spending.