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In a rare move, Japan sells 80 tons of gold to fill budget hole

Saddled with public debt twice the size of its economy and tax revenues hit by the pandemic-induced recession, the finance ministry is under pressure to find non-tax revenues

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Japan | Bank of Japan | Budget

Tetsushi Kajimoto | Reuters  |  Tokyo 

Japan has sold 80 tons of gold used for minting coins to another arm of the government to fund part of its huge stimulus package to combat the coronavirus crisis, government officials told Reuters. Saddled with public debt twice the size of its economy and tax revenues hit by the pandemic-induced recession, the finance ministry is under pressure to find non-tax revenues to cover the rising cost of spending to deal with the health crisis. The ministry usually taps reserves set aside as special accounts, and profits the Bank of Japan and other agencies return to state coffers after ...

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First Published: Thu, December 17 2020. 14:05 IST
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