Japan has approved the draft budget for fiscal year 2023. The government announced that of the 114.3 trillion yen ($865 billion) new budget, 36.9 trillion yen would be allocated to social security spending and 6.8 trillion yen to national defense spending.
In Japan, the government, led by Prime Minister Kishida Fumio, approved the draft budget covering social security and national defense expenditures, as well as the fund to fight Covid-19.
The record budget draft will cover the period April 2023-March 2024 and will amount to 114.3 trillion yen ($865 billion).
Topics to be spent on
Part of the budget, with tax revenues estimated at 69.4 trillion yen ($522 billion), will be covered by government bonds.
In the new budget, national defense expenditures and social security costs arising from the aging population of the country will see the highest level. 36.9 trillion yen ($278 billion) to social security spending; 6.8 trillion yen ($51.2 billion) will be allocated to national defense spending
It is planned to issue 35.6 trillion yen ($268 billion) of government bonds for the budget that will be allocated 4 trillion yen ($30 billion) to the reserve fund to combat the Kovid-19 outbreak and rising prices.
The draft will become law by March 2023.
The draft budget, approved by the government, is expected to become law in the parliament by the end of March 2023.
The official Kyodo Agency announced that Japan’s one-year general account budget has exceeded 100 trillion yen for the last 5 years in a row, and has been on the rise for the last 10 years.