Japan sticks to budget balancing goal

Japan must adhere to the government's goal to achieve a balanced budget by the fiscal year ending in March 2021, Finance Minister Taro Aso said, in a resolve to push for fiscal consolidation to fix the country's tattered finances.

Aso made the pledge at a meeting of Prime Minister Shinzo Abe's top economic advisory council, which on Tuesday discussed the government's annual key economic and fiscal policy guidelines due around the end of June.

The guidelines will provide the basis for compiling the budget for the fiscal year starting April 2018. The council also approved an outline for its annual growth strategy, mostly a continuation of policies Abe introduced last year to narrow the wealth gap, improve working conditions and raise productivity.

"Achieving a primary budget surplus in fiscal 2020 is the least of our responsibilities for future generations. We are not allowed to take down the flag," Aso said in a document submitted to the council.