Record budget passed in Japan

The record-breaking budget will cover the period from April 2023 to March 2024 and will be 114.3 trillion yen, or $870 billion. One of the largest items in the budget was social security spending, at 37 trillion yen, or $281 billion. The budget, which covers social security and defense spending, was put to a vote in Japan’s Council of Consultative Affairs (Sangiin). The budget was passed into law as a result of the vote in the parliament, which is dominated by the ruling Liberal Democratic Party (LDP) and its ally Komeito. The record-breaking budget will cover the period from April 2023 to March 2024 and will be 114.3 trillion yen ($870 billion). National defense spending and social security costs stemming from the country’s aging population will see their highest levels in the new budget. 36.9 trillion yen ($281 billion) will be allocated to social security spending; 6.8 trillion yen ($52 billion) will be allocated to national defense spending. Tax revenues are estimated at 69.4 trillion yen ($522 billion) and part of the budget will be covered by government bonds. 35.6 trillion yen ($272 billion) of government bonds will be issued for the budget.