Shinzo Abe speaks during a meeting in Tokyo on Tuesday. Agence France-Presse
Japan’s government has approved a record budget spending worth $939 billion for the coming fiscal year, the Ministry of Finance said on Friday, as it tries to balance the need to boost growth and manage the industrial world’s heaviest public debt burden.
Japan’s cabinet approved on Monday a record $1.03 trillion budget draft for the next fiscal year starting in April 2021, the Ministry of Finance said, as the coronavirus and stimulus spending puts pressure on already dire public finances.
Robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support.
Global stocks fell on Friday, with emerging market and Asia shares hardest hit, as a recent rout in global bond markets spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.
G20 finance ministers and central bankers were meeting on Friday to align plans to relaunch the global economy after the coronavirus pandemic and to limit the harm to the worst-off nations shut out of the race for vaccines.
Volkswagen said on Friday it made better than expected profit of 8.8 billion euros ($10.7 billion) after tax in 2020 despite the pandemic. The world’s No. 2 automaker said the rapid recovery of China,