Japan tax revenues to plunge to Y37 trln -Kyodo

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TOKYO Dec 1 (Reuters) - Japan's national tax revenues are expected to drop to around 37 trillion yen ($429 billion) in the year to next March, reflecting a sharp fall in company profits due to the worst recession in decades, Kyodo news agency said.

The amount would be far below an initial estimate of 46.1 trillion yen.

Tax revenes are expected to undershoot the amount of new government bond issuance in the current year, as the government will have to cover a revenue shortfall by issuing more bonds than the 44.1 trillion currently planned, fanning fiscal concerns among investors. ($1=86.25 Yen) (Reporting by Tetsushi Kajimoto) ((tetsushi.kajimoto@thomsonreuters.com; +81 3 6441-1829; Reuters Messaging: tetsushi.kajimoto.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))