Japan’s Cabinet has approved a draft budget for the next fiscal year starting April. It marks a record high of 122.3 trillion yen, or about 780 billion dollars.<\/p>\n
The draft budget endorsed on Friday is up more than 7 trillion yen from the initial budget for the current fiscal year, which was an all-time high at the time.<\/p>\n
Social security spending will top 39 trillion yen in response to Japan’s aging society and a hike in medical service fees.<\/p>\n
The draft budget increases defense spending to 8.9 trillion yen in response to the government’s plan to fundamentally reinforce the country’s defense capabilities.<\/p>\n
The fund earmarked for education and science projects will be increased to 6 trillion yen, partly to make high school tuition free.<\/p>\n
An all-time high of about 31.2 trillion yen will be allocated to redeem or pay interest on government bonds. The rise in long-term interest rates is pushing up debt-servicing costs.<\/p>\n
Meanwhile, tax revenues are projected to hit a record high of 83.7 trillion yen, as solid corporate earnings are expected to lead to wage hikes and higher income.<\/p>\n
But the government will issue new bonds worth 29.5 trillion yen to make up for revenue shortfalls.<\/p>\n
The government will submit the draft budget to the ordinary session of the Diet early next year and aims to swiftly get the bill passed.<\/p>\n","protected":false},"excerpt":{"rendered":"Japan’s Cabinet has approved a draft budget for the next fiscal year starting April. It marks a record…\n","protected":false},"author":2,"featured_media":204439,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[337,81874,114,85,46,1437,81875,43,15611,81878,81879,81880,81877,6026,81876,81881,920,2711],"class_list":{"0":"post-204438","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asia","9":"tag-biz","10":"tag-business","11":"tag-il","12":"tag-israel","13":"tag-japan","14":"tag-japan-broadcasting-corporation","15":"tag-news","16":"tag-nhk","17":"tag-nhk-world","18":"tag-nhk-world-premium","19":"tag-nhk-world-tv","20":"tag-nhkworld","21":"tag-nuclear","22":"tag-public-broadcaster","23":"tag-radio-japan","24":"tag-tech","25":"tag-world"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/204438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=204438"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/204438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/204439"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=204438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=204438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=204438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}