Investing.com investing.com 23 Dec, 2020 10:15 am

Japan's record $1 trillion budget highlights COVID-19 challenge to growth, debt By Reuters

Japan's record $1 trillion budget highlights COVID-19 challenge to growth, debt By Reuters
Japan's record $1 trillion budget highlights COVID-19 challenge to growth, debt

03 trillion budget draft for the next fiscal year starting in April 2021, the Ministry of Finance said, as the coronavirus and stimulus spending puts pressure on already dire public finances.It will be rolled out along with a third extra budget for this fiscal year as a combined 15-month budget aimed for seamless spending to ease the virus pain and back Suga's goal of achieving carbon neutrality and digital transformation."The massive stimulus spending rolled out this fiscal year may raise worry about 'fiscal cliff', which could justify calls for more spending in the coming fiscal year," said Koya Miyamae, senior economist at SMBC Nikko Securities.Hong Kong online banks to spread wings, offering business loans and wealth management p By Alun John HONG KONG (Reuters) - Hong Kong's new online-only banks plan to venture into business lending and wealth management, seeking more lucrative avenues beyond basic.

In Japan, fiscal reform has been shelved as Prime Minister Yoshihide Suga prioritised efforts to contain the pandemic and boost growth, despite public debt at more than twice the size of Japan's $5 trillion economy."How to balance the coronavirus response with fiscal reform has hardly been debated in Japan," said Izuru Kato, chief economist at Totan Research.

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