Japan's government has approved a draft budget for the next fiscal year. It is the largest ever at 114 trillion yen, or about 860 billion dollars.
The figure approved by the Cabinet on Friday is 6 percent higher than the initial budget for this year.
The major reason for the increase was the allocation for reinforcing defense capabilities at 50 billion dollars. That is up nearly 30 percent in yen terms from the draft budget a year earlier. Another 25 billion dollars are earmarked for strengthening defense in the future.
The package also includes social security costs of around 280 billion dollars, which accounts for one-third of the total.
Tax revenue is expected to hit 520 billion dollars.
The shortfall is likely to be about 270 billion dollars, which will be covered by issuing government bonds.
More than one-third of total revenue will be covered by the sovereign bonds, indicating a risky fiscal balance.
The draft budget will be submitted to the ordinary Diet session next year.
The figure approved by the Cabinet on Friday is 6 percent higher than the initial budget for this year.
The major reason for the increase was the allocation for reinforcing defense capabilities at 50 billion dollars. That is up nearly 30 percent in yen terms from the draft budget a year earlier. Another 25 billion dollars are earmarked for strengthening defense in the future.
The package also includes social security costs of around 280 billion dollars, which accounts for one-third of the total.
Tax revenue is expected to hit 520 billion dollars.
The shortfall is likely to be about 270 billion dollars, which will be covered by issuing government bonds.
More than one-third of total revenue will be covered by the sovereign bonds, indicating a risky fiscal balance.
The draft budget will be submitted to the ordinary Diet session next year.
Similar Readings (5 items)
Japan lower house OKs record 114 tril. yen budget for FY 2023
Japanese government ready to approve second-largest budget in history
Japan's defense budget for fiscal 2023 likely to hit record 49.9 bil. dollars
Kishida Cabinet approves draft budget
Japan's defense budget likely to hit record high
Summary
Japan's 2022 budget, approved at 114 trillion yen (860 billion USD), is the largest to date. The increase of 6% over this year's initial budget is primarily due to a 30% rise in defense allocation (50 billion USD) and future strengthening costs (25 billion USD). Social security costs account for
Statistics
167
Words1
Read CountDetails
ID: fcfff91e-2f56-4f32-95ca-94c28ffc9194
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20221223_36/
Date: Dec. 23, 2022
Created: 2022/12/24 13:11
Updated: 2025/12/09 10:01
Last Read: 2022/12/24 20:33