Tax & Spend
Japan Cabinet Approves Record Initial Budget, Adds to Debt Pile
- Initial budget rises 6.3% from current year to $863 billion
- Around a third of the budget will be financed with borrowing
Fumio Kishida’s cabinet signed off on 114.4 trillion yen ($863 billion) in overall spending.
Photographer: David Mareuil/AFP/Getty ImagesThis article is for subscribers only.
Japan’s cabinet approved a record initial budget for the next fiscal year, piling more borrowing onto the country’s massive debt load.
For the year starting in April 2023, Prime Minister Fumio Kishida’s cabinet signed off on 114.4 trillion yen ($863 billion) in overall spending, including a jump in defense spending, the finance ministry said Friday. The amount represents a solid 6.3% increase from the previous year’s initial budget.