The Japanese government is preparing to approve the 114.3 trillion yen ($862 billion) fiscal year 2023 draft budget. National defense expenditures and social security expenditures stemming from the aging population of the country are expected to reach record levels.
114.3 trillion yen budget from Japan
The government of Prime Minister Kishida Fumio is targeting a record overall budget for fiscal 2023, the official Kyodo agency reported.
Accordingly, the fiscal year comprehensive general account budget volume that will start in April 2023 will be at the level of 114.3 trillion yen ($862 billion).
If the Kishida government approves, Japan’s general budget for a fiscal year will be recorded above 100 trillion yen for 5 consecutive years.
National defense expenditures and social security expenditures stemming from the aging population of the country are expected to reach record levels.