Japan’s Ministries Ask for Record $811 Billion Budget

The record budget requests reflect increased outlays in multiple areas, including defense.
Photographer: Kiyoshi Ota/Bloomberg

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By Erica Yokoyama

September 4, 2024 at 9:08 AM UTC

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Japan’s ministries have set a new record with their budget requests for the year starting April 2025, as the nation wrestles with the need to ramp up social security and defense spending while keeping its mountain of debt under control.

The ministries requested a total of ¥117.6 trillion ($811 billion) for the next fiscal year, representing a 2.8% increase from the initial demand of ¥114 trillion for the current year, according to the finance ministry Wednesday.