Japan unveiled on Friday a record 114.4 trillion yen ($863 billion) budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs of catering to a fast-ageing population, piling on more debt.
The budget - endorsed by Prime Minister Fumio Kishida's cabinet on Friday - features record military and welfare spending as it confronts regional security challenges from an ever-assertive China and an unpredictable North Korea.
To fund spending for military facilities, warships and other vessels, the government decided to issue in fiscal 2023 just over 434 billion yen of construction bonds, which are usually used to finance infrastructure spending, but not military equipment. For fiscal 2023, the defence spending will rise to 6.8 trillion yen, up 1.4 trillion yen from this year. The government also set aside 3.4 trillion yen to help finance its five-year defence build-up plan.
On the brighter side, tax revenue is estimated at a record 69.4 trillion yen thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.
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Japan unveils record budget in boost to military capacityJapan unveiled on Friday a record 114.4 trillion yen ($863 billion) budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population
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