Japan's Cabinet approves FY 2018/19 budget, biggest amount on record

Japan's Cabinet approves annual general-account budget spending worth 97.7128 trln yen in FY 2018/19, the biggest amount on record, Reuters reports.

The Japanese Ministry of Finance (MoF) is out with the following details:

Japan Fy2018/19 tax revenue estimated at a 27-year high of 59.0790 trln yen.

MoF Japan govt plans to sell new bonds worth 33.6922 trln yen in fy2018/19, a nine-year low.

Japan Fy2018/19 social security spending at a record high of 32.9732 trln yen.

MoF Japan Fy2018/19 debt-servicing costs fall by 226.5 bln yen to 23.3020 trln yen.

Japan Fy2018/19 Defence Spending At Record 5.1911 Trln Yen, Up For Sixth Straight Year.

MoF Japan Fy2018/19 public works spending at 5.9789 trln yen, up for the sixth straight year.

Japan's Cabinet approves Fy2017/18 supplementary budget with additional spending of 2.7073 trln yen.

Reduced funding demand for rolling over its debt from previous years will allow the MOF to issue the smallest amount of JGBs in nine years in fiscal 2018/19.

The MOF will cut the offer amount of 40-, 30-, 10- and two-year JGBs, as well as one-year treasury discount bills, by 100 billion yen ($880 million) per auction.

Five-year JGB offer amount per auction reduce by 200 billion yen.