by Tetsuji Kajimoto
TOKYO (Reuters) – The total budget proposed by Japan’s ministries for the next fiscal year is 784 $1 billion – this is Its second-largest total was dated, largely due to requests from the Department of Defense to raise spending to record levels.
The country’s ministries and commissions put forward a total expenditure request for next year’s budget of 110. 10,000 100 million yen, the Ministry of Finance said on Monday, not far from the 140 request for this fiscal year*).7 trillion yen.
The initial budget for this fiscal year was eventually cut to a record 107 trillion yen.
The budget may be further inflated as some items are proposed without specifying amounts. If next year’s budget does exceed this year’s, it will be the 11 record year in a row.
The Ministry of Defense has requested a record 5.6 trillion yen to spend on plans to develop and mass-produce cruise missiles and high-speed ballistic missiles as part of the country’s preparations to deal with threats from China and Russia.
Funding for social security and debt service accounted for more than half of the budget request. Japan has the largest debt load in the industrial world, and its economy is more than twice the size.
($1=140.35 JPY)
