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Japan cuts down debt issuance in FY 2013
(MENAFN) Japan announced issuing less debt than expected in the last fiscal year, as the government's earnings were more than spending in favorable economic conditions, QNA reporte
Officials say the government issued about USD434 billion worth of deficit-covering bonds in FY2013 that ended in March, about USD20 billion less than initially estimate
The earnings were mainly attributed to higher tax revenues, which topped estimates by about USD16 billion, as companies paid more tax on higher earnings, according to Japan's (NHK WORLD) websit
As a result, the government racked up a surplus last year of around USD14 billion. Officials will spend more than half of that to redeem outstanding bonds
Officials say the government issued about USD434 billion worth of deficit-covering bonds in FY2013 that ended in March, about USD20 billion less than initially estimate
The earnings were mainly attributed to higher tax revenues, which topped estimates by about USD16 billion, as companies paid more tax on higher earnings, according to Japan's (NHK WORLD) websit
As a result, the government racked up a surplus last year of around USD14 billion. Officials will spend more than half of that to redeem outstanding bonds
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