Japan approves record budget as military spending gets a boost - M5 Dergi
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Japan approves record budget as military spending gets a boost

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The fiscal 2023 budget, which includes $51 billion for the defence ministry, received a green signal from the cabinet but it still needs to pass a parliamentary vote.

Japan has unveiled a record 114.4 trillion yen ($863 billion) budget for the next fiscal year starting April, pushed up by increased military spending and higher social security costs.

The budget — endorsed by Prime Minister Fumio Kishida’s cabinet on Friday along with a bond issuance plan — features record military and welfare spending for a country saddled with an ageing population and as it confronts regional security issues from China and an unpredictable North Korea.

To fund defence spending for military facilities, warships and other vessels, the government decided to use construction bonds worth $3.27 billion, to be issued in fiscal 2023, in an unprecedented move.

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