Japan PM Abe: Tax revenue to hit record high in FY 2019/20

Japan's Prime Minister Shinzo Abe is out on the wires informing markets that government's tax revenue in the financial year 2019/20 is expected to hit a record high of JPY 62.5 trillion. 

Japan is set to hike the consumption tax in October 2019. That, however, may not bring down the fiscal deficit as the additional revenue generated via tax hike will fund social security needs and public works spending.