The government is considering setting a new target to reduce its fiscal deficit to 3 percent of nominal gross domestic product by fiscal 2021, informed sources have said. The government hopes to include the target in its new guidelines for economic and fiscal policy management due out as early as June, as it believes that its interest payments on existing bonds may soar, the sources said Friday. The European Union has a similar target for its members. In Japan, such a target has been proposed at the government's Council on Economic and Fiscal Policy, which drafts the policy guidelines. Japan's fiscal deficit is forecast to stand at 4.4 percent of nominal GDP in fiscal 2018, according to medium- to long-term economic and fiscal estimates submitted by the Cabinet Office in January.
May-12-2018, 04:30:32 GMT