JAPAN APPROVES DRAFT BUDGET

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STORY: JAPAN APPROVES DRAFT BUDGETDATELINE: Dec. 25, 2011LENGTH: 0:02:22LOCATION: TokyoPKGINTRO:Japan's Cabinet of Prime Minister Yoshihiko Noda approved a 1.16 trillion U.S. dollars budget for the fiscal year from next April.Economy Report has more.PKG:Japan's Finance Minister Jun Azumi stated that the country can no longer rely on new debt as the debt has reached its limit.However, the government on Saturday still said that it will bank on a record amount of bonds to generate more than 49 percent of the revenue needed for the draft budget.The draft budget will be submitted to parliament next year, with new bonds provisionally capped at a total of 565 billion U.S. dollars.However, the new bonds will add to Japan's burgeoning public debt, which at double the size of the nation's GDP.The proposed budget is technically 2.2 percent smaller than the original budget for the ongoing year to March.Economists have been quick to note that in addition to supplementary budgetary components, such
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Producer : Xinhua News Agency

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