Japan finance minister sees fiscal situation worsening as virus hits tax revenue

Japan finance minister sees fiscal situation worsening as virus hits tax revenue

© Reuters. Japanese Finance Minister Taro Aso takes questions from reporters at the annual meetings of the International Monetary Fund and World Bank in Washington

TOKYO (Reuters) – Japan’s fiscal situation will further deteriorate following the compilation of stimulus budgets as tax revenue will likely fall due to the impact of the coronavirus on economic activity, Finance Minister Taro Aso said on Friday.

Aso told reporters after a cabinet meeting that the massive stimulus has not triggered a bond sell-off or yen selling given market confidence in Japan’s debt management.

Aso ruled out the possibility of tax hikes to help offset a budget gap, saying Japan must revive the economy in order to retain fiscal discipline.

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