Japan lower house OKs record 114 tril. yen budget for FY 2023

Japan’s House of Representatives on Tuesday approved a record 114.38 trillion yen ($840 billion) budget for fiscal 2023, making its enactment certain before the new fiscal year starts in April as the nation faces a cost of living crisis and security threats from its neighbors.

The state budget includes 6.82 trillion yen in defense spending to bolster its defenses against threats posed by China, North Korea and Russia and 36.89 trillion yen in social security costs, the largest ever, amid the rapid graying of Japan’s population.

Following approval by the lower house, the House of Councillors wi...