TOKYO (Reuters) – Japanese Prime Minister Shigeru Ishiba’s party and a coalition partner cut the draft budget for the next fiscal year by 343.7 billion yen ($2.30 billion), a document showed on Friday.
The revised budget will include higher household subsidies to ensure free school education, as well as a higher threshold for tax-free income that would result in a drop in tax revenue worth 621 billion yen.
But higher spending and reduced tax revenue will be filled by a reserve fund and other funds that have not been utilized, according to the document.
($1 = 149.6700 yen)
(Reporting by Makiko Yamazaki; Editing by Himani Sarkar)
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