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Japan defense buildup leads to tripling of primary deficit projection

Japan’s primary deficit will triple from its earlier projection to ¥1.5 trillion ($11.5 billion) in fiscal 2025, the target year when the government aims to turn a surplus, due to a substantial increase in defense spending, government projections showed Tuesday.

The revised projections are based on the assumption that Japan’s economy will grow 2% in real terms, with the balance possibly deteriorating further if economic growth slows.

In its outlook, the government retained its assessment that Japan will achieve a surplus in the primary balance in fiscal 2026 of ¥2.5 trillion.

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