FILE PHOTO-An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023.
REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Aug 25 (Reuters) - Japanese ministries' budget demands for the next fiscal year will likely top 110 trillion yen ($753 billion), the Nikkei business daily reported on Friday, with rising interest rates expected to boost debt servicing costs.
This fiscal year's budget stood at 114 trillion yen.
It would be the third straight year that budget requests exceed 110 trillion yen and may top a record 111.6 trillion yen requested for fiscal 2022.
It's only natural for debt-servicing costs to rise under such circumstances," said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute.
Persons:
Androniki, Takuya Hoshino, Fumio, Tetsushi Kajimoto, Diane Craft, Jacqueline Wong
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REUTERS, Rights, Nikkei, Bank of, Dai, Research, Thomson
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Japan, Tokyo, China, North Korea