Japan's draft budget for fiscal 2023 to be 114.3 trillion yen

The Japanese government is preparing to approve a draft budget of 114.3 trillion yen ($862 billion) for the 2023 fiscal year. According to the official Kyodo news agency, the government of Prime Minister Kishida Fumio is targeting a record-high general budget for the 2023 fiscal year. Accordingly, the comprehensive general account budget volume for the fiscal year starting in April 2023 will be 114.3 trillion yen ($862 billion). If approved by the Kishida government, Japan's fiscal year general budget will exceed 100 trillion yen for the fifth consecutive year. National defense spending and social security expenses due to the country's aging population are expected to reach record levels in the budget items.