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Economics

Japan Plans Record Annual Budget for Election Year

  • Budget to reach 107.6 trillion yen, according to documents
  • Bumper tax revenue to lower bond issuance to 36.9 trillion yen
Updated on

Japan is set to unveil another record annual budget this week as Prime Minister Fumio Kishida adds to the world’s heaviest debt load with more spending ahead of an election next summer.

The budget for the year starting in April will increase to around 107.6 trillion yen ($943 billion), according to documents obtained by Bloomberg Thursday that confirm earlier reports. The number represents a 0.9% rise from the current year’s initial spending plan, though final expenditure is typically inflated by extra budgets as the year goes on.