TOKYO : Japan dropped a time frame for balancing the primary budget in its draft mid-year economic policy roadmap on Tuesday, in an apparent move to meet growing calls for stimulus spending to reflate the pandemic-hit economy.Kishida's government made no explicit mention of the target year for balancing the primary budget in the economic policy roadmap, to be approved by his cabinet next week.
The absence of the target year in the policy plan could raise questions about Japan's resolve to fix its tattered public finances. The move would go against the global tide of normalising crisis-mode stimulus, including Group of Seven advanced economies, making Japan an outlier and highlighting the challenge to rein in the industrial world's heaviest debt burden.
The draft roadmap called for a"two-stage approach" to deal with uncertainty over surging oil and other prices, signalling readiness to adopt other economic measures following the first extra budget worth 2.7 trillion yen for this fiscal year, approved by parliament into law on Tuesday.
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