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The Fiscal 2003 Budget Proposal.
(From Journal of Japanese Trade & Industry (JJTI))
Byline: Tani Sadafumi
At the end of 2002, the Japanese government formulated a budget proposal for fiscal 2003 (from April 2003 to March 2004). The total amount in the budget for the general account was \81.79 trillion, an increase of 0.7% over the initial budget for fiscal 2002. This was the first time in three years that a budget proposal had called for an increase. The proposal neither presented an economic stimulus package, nor did it call for belt-tightening. According to the classical approach, all that is necessary to stop deflation is to create demand. The current condition of public finances, ...
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