Tax revenue for Japan’s government for the last fiscal year totalled to 60.4 trillion yen ($563 billion).

The figure marks a new record high, beating the previously recorded high in 1990/91 nearing the end of the bubble era, according to government sources. The Japanese bubble era lasted from 1986-1991, during which real estate and stock market prices were at an all-time high. 

In December, the government had predicted revenue to come in at 59.928 trillion yen for the fiscal year ending March 2019. 

Speaking to Reuters, the sources, with explicit knowledge on the matter, said that the higher-than-forecast tax receipt was a result of income tax gains boosted by wage growth and an increase in dividends. The government sources spoke anonymously however, as they were unable to divulge their identity to the media. 

The inflated revenue is a positive step for the Japanese government, which is currently burdened with the industrial world’s largest public debt amounting to twice the size of its $5 trillion economy. 

The recent news is unlikely to stop Prime Minister Shinzo Abe’s government from hiking a planned sales tax in October of this year. 

On the heels of the news, the Japanese yen picked up new bids, sending the USD/JPY pair slightly lower to the levels of 107.35. 

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