Japan keeps budget goal intact for now but aims to reassess it later

Japan's government pledged on Friday to keep its goal of achieving a primary budget surplus by fiscal 2025, with a caveat that the target will be reassessed this fiscal year due to COVID-19 pandemic, leaving room for a possible delay in fiscal reform.

The first annual economic policy blueprint under Prime Minister Yoshihide Suga underscored the need to strike a delicate balance between spurring post-pandemic growth and curbing the industrial world's heaviest public debt burden.There was no change in the blueprint to its wording on the fiscal target from an earlier draft, in which the government said it would"aim to bring the primary balance into a surplus by fiscal 2025 while stably lowering the debt-to-GDP ratio.

The blueprints provide a basis for the next fiscal year's budget. Last year, it dropped the reference to the timeframe for the first time, as Japan had rolled out huge spending packages to ease the pain from the pandemic. The blueprint cited green, digital, local regions and childcare as key areas of investment to drive growth in the post-coronavirus era.

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