December 22, 2017 / 2:11 AM / a year ago

Japan economy minister: Next financial year budget shows big reduction in new debt

FILE PHOTO: Japanese Minister of Economic Revitalization Toshimitsu Motegi attends a news conference on the Trans Pacific Partnership (TPP) Ministerial Meeting during APEC 2017 in Da Nang, Vietnam, November 11, 2017. REUTERS/Kham

TOKYO (Reuters) - Japanese Economy Minister Toshimitsu Motegi said on Friday the national budget for next fiscal year showed the government was able to reduce new debt issuance by a big margin because of its pro-growth economic policies.

Motegi, speaking to reporters, said the government still aimed to achieve a primary budget surplus and would start debate next year on when it would be possible to achieve this target.

Motegi spoke after the cabinet approved a record budget for next fiscal year. The government will sell new bonds to finance part of next year’s budget, but the level of new bond sales will be the lowest in nine years.

Reporting by Stanley White; Editing by Chang-Ran Kim

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