Japan Tax Revenue Sets New Record Amid Weak Yen, Inflation (1)

Japan’s tax revenues reached another record in the fiscal year ended in March, a positive outcome partly driven by the weak yen and sticky inflation.

Tax income for the latest fiscal year rose to ¥72.1 trillion ($446 billion) from ¥71.1 trillion in the previous year, the Finance Ministry reported Wednesday. Income tax revenue slipped to ¥22.1 trillion from ¥22.5 trillion in fiscal year 2022, while corporate tax revenue grew to ¥15.9 trillion from ¥14.9 trillion.

Even with the revenue gains, Japan’s fiscal plight is severe. The nation shoulders the heaviest public debt burden among developed nations, with the amount ...