Asia-Pacific

Japan DPJ wants govt to state "fiscal crisis" -media

(Agencies)
Updated: 2010-07-22 09:58
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TOKYO - Japan's ruling party plans to call on the government to declare a "fiscal emergency" and urge it to consider scrapping budget reserves in the fiscal year from next April to cope with tight fiscal conditions, the Yomiuri newspaper said on Thursday.

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The government has budget reserves worth about 1 trillion yen ($11.5 billion) available for fiscal 2010/11 for use in emergencies such as an economic downturn.

The Democratic Party of Japan (DPJ), which plans to submit its proposals for next year's budget by the end of this week, will also urge the government to reduce civil servant personnel costs and review spending on government affiliates to help offset an annual rise in social security costs worth 1.3 trillion yen, the newspaper said.