Japan parliament set to OK record 114 tril. yen budget for FY 2023

Japan’s parliament on Tuesday is poised to approve a record 114.38 trillion yen ($870 billion) budget for the new fiscal year from April to beef up defense capabilities in the face of security threats from its neighbors and to support its economy.

Japan has earmarked a record 6.82 trillion yen for the first year of a five-year period, intending to achieve a substantial boost in defense spending to cope with an increasingly assertive China, alongside a nuclear-armed North Korea and a volatile Russia.

The government of Prime Minister Fumio Kishida hopes to achieve a combined 43 trillion yen in d...