Japan unveils record 114.4 trillion-yen budget in fresh boost to military capacity
FirstpostEndorsed by Prime Minister Fumio Kishida’s cabinet on Friday, the highlights of the budget include record expenditure earmarked for defence and welfare spending for a country that has an ageing population. Tokyo: Japan on Friday announced a budget of 114.4 trillion yen for the next fiscal year beginning April, marking increased military spending and higher social security costs for its population. The budget draft may help Japan to rake in a record tax revenue worth 69.44 trillion yen, reflecting improving corporate profits and 69.44 trillion yen to lower new bond issuance to 35.62 trillion yen. The budget assumed next fiscal year’s exchange rate at 137 yen to the dollar, the weakest since 2010, in calculating fiscal 2023 budget spending for defence and diplomacy, the officials said.