Japan's public finances, the weakest among advanced economies, have worsened with each major emergency, including the global financial crisis, the March 2011 Great East Japan Earthquake and tsunami, and the COVID-19 pandemic.
A large-scale earthquake or an infectious disease outbreak would continue to require substantial fiscal expenditure.
With its efforts to normalize spending lagging behind those of other countries, Japan faces the urgent task of restoring fiscal stability to prepare for future crises.
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