Japan's Finance Minister Satsuki Katayama Says Government Will Cut Fiscal Waste

Japan's Finance Minister Satsuki Katayama said the government will sharply review and cut redundant subsidies and tax breaks in response to criticism that ministries identified only three possible items for reduction in a voluntary cost-saving review. According to Sina Finance, she said on a Fuji TV program that the government will seek to sharply reduce spending to show that policy is not simply about heavy spending. Katayama also said the government will not issue new debt to fund a consumption tax cut, and that funding will be secured in a way that maintains market confidence. Tax revenue is expected to come in slightly above expectations.