TOKYO – Japan unveiled on Friday a record 114.4 trillion yen budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population
The budget – endorsed by Prime Minister Fumio Kishida’s cabinet on Friday along with a bond issuance plan – features record military and welfare spending for a country saddled with an ageing population and as it confronts regional security issues from an ever-assertive China and an unpredictable North Korea.To fund defence spending for military facilities, warships and other vessels, the government decided to use construction bonds worth 434.
The budget got a boost from Kishida’s controversial plan to double Japan’ defense spending to 2 percent of GDP by 2027, straining Japan’s already tattered finances under the weight of public debt at 2.5 times the size of its
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