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(From Journal of Japanese Trade & Industry (JJTI))
Byline: Izumi Masaki
The Japanese government's draft budget proposal for FY 2005 has taken its final form. General account expenditure increased 0.1% over the initial figure for FY 2004, to \82.1829 trillion. General spending contracted 0.7% to \47.2829 trillion after an interval of three years, as steadily higher social-security spending was offset by an approximate \1.3 trillion cut in subsidies due to the triple reform of the local government tax and fiscal systems. The reduction underscores the fact that the budget has been drafted as an austerity program. The integration of a policy to halve the ...