The Strategist

Japanese authorities introduce record $880 billion state budget

01/24/2023 - 06:14

According to NHK TV, the Japanese government has proposed to Parliament a budget of a record 114.4 trillion yen ($880 billion) for the fiscal year 2023 (April 1, 2023–March 31, 2024).

Cindy Shebley
Cindy Shebley
The budget has surpassed 110 trillion yen for the first time; it is 6.78 trillion ($52 billion) more than the existing budget. Particularly, defense spending will reach a record 6.79 trillion yen ($52 billion), an increase of 1.4 trillion yen ($10.8 billion) from the current year. Additionally, a separate component is the 3.38 trillion yen ($26 billion) profits for the military fund's long-term strengthening.

The total cost of social services and pensions will be 36.9 trillion yen ($283 billion). The 38 billion yen ($5 trillion) budgeted amount is for the coronavirus control.

A total of 69.4 trillion yen ($533.8 billion) will be collected in taxes. 9.3 trillion yen ($71.5 billion) in non-tax revenues. The state intends to issue government bonds to make up for the lost 35.6 trillion yen ($273.8 billion).