Reuters reports that two government sources said that Japan's tax revenues likely exceeded 60 trillion yen ($540 billion) to a record high in the year that ended in March despite the blow to the economy from the COVID-19 pandemic.

The bumper tax revenue could ease concerns about the coronavirus-hit to state coffers, possibly fuelling calls for further fiscal stimulus.

The amount was bigger than the government's initial estimate of 55.1 trillion yen and due largely to the boost to corporate profits from solid U.S. and Chinese economic recoveries, the officials said on condition of anonymity.

The other two main components of tax revenue - sales tax and income tax - also topped earlier estimates, helping overall tax receipts exceed the previous record of 60.4 trillion yen seen in the fiscal year that ended March 2019, the sources said.