With the issuance of new bonds topping government revenue for the second consecutive year, the fiscal 2011 budget draft approved Friday by the Cabinet demonstrates a lack of effort to ward off a looming fiscal crisis, experts warned.
They said the Democratic Party of Japan-led administration must buckle down and take more concrete actions — including preparing for a consumption tax hike.
"In terms of the fiscal reconstruction, it seems no efforts have been made," said Masaya Sakuragawa, an economics professor at Keio University.