Japan unveiled on Friday a record ¥114.4 trillion ($863 billion) budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs catering to a fast-aging population, piling on more debt.
The budget — endorsed by Prime Minister Fumio Kishida's Cabinet on Friday — features record military and welfare spending as Japan confronts regional security challenges from an ever-assertive China and an unpredictable North Korea.
Kishida's controversial plan to double Japan's defense spending to 2% of gross domestic product by 2027 contributed to a record ¥6.8 trillion increase in spending, adding to the nation's public debt already exceeding 2.5 times the size of its economy.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.