Reported about 22 hours ago
Japan's Prime Minister Shigeru Ishiba's cabinet is preparing to approve a record budget of approximately ¥115.5 trillion ($735 billion) for the fiscal year starting April 2025, emphasizing elevated defense spending and local economic support. The budget reflects a 2.6% increase over the previous year's budget and marks a significant reduction in new bond issuance thanks to increased tax revenues. Notably, there will be a more than 10% rise in defense funding to ¥8.5 trillion, alongside a 7% boost in grants to local governments, indicating the government's commitment to regional revitalization and security amidst a challenging regional environment.
Source: YAHOO