The Japanese government has decided on a budget plan of more than 90.3 trillion yen for the next fiscal year that starts in April. It's equivalent to more than 1.1 trillion dollars.

The draft budget was approved at a Cabinet meeting on Saturday.

The figure is down by around 34 billion dollars from that for this year, marking the first year-on-year decline in 6 years.

But total expenditures would effectively be the highest ever when coupled with other expenses, including an outlay of 48 billion dollars for the reconstruction of areas affected by the March disaster.

Planned policy-related expenditures total about 880 billion dollars.

Projected tax revenues stand at about 540 billion dollars. Bond issuance will be around 570 billion dollars.

The amount of fresh sovereign debt issuance exceeded projected tax revenues for the 3rd straight year.

The ratio of the government's dependence on bonds to total revenue rose to a record-high 49 percent, showing that fiscal standing is further deteriorating.

The government plans to submit the draft budget to the Diet in January.

Source: http://www3.nhk.or.jp/daily/english/20111224_10.html

Image credit: http://www.kantei.go.jp/foreign/noda/actions/201112/__icsFiles/afieldfile/2011/12/22/21getsurei1.jpg