Japan pledges to slash spending by $105 billion
TOKYO (AFP) - Japan on Thursday pledged huge spending cuts amounting to S$105 billion over two years as it works to bring down the industrialised world's biggest debt mountain.
The cuts - amounting to an average reduction of more than 4 per cent of current annual spending - comes days after the International Monetary Fund warned again over Tokyo's borrowings.
The moves were outlined in the government's mid-term fiscal plan which called for cuts of 8 trillion yen (S$105 billion) between April 2014 and March 2016.
There were few details about where the reductions would be made, and they come after Prime Minister Shinzo Abe pledged to boost public spending to stoke Japan's tepid economy.