Japan FY 2022 tax revenue hits record, surplus for defense buildup

Japan had a record tax revenue of 71.14 trillion yen ($491 billion) for fiscal 2022 through March, along with a bigger-than-estimated surplus, part of which will be used to cover a substantial boost to defense spending in the coming years, according to government data released on Monday.

Japan’s economic recovery from the COVID-19 pandemic and rising prices for everyday goods raised consumption tax revenues, while robust earnings, due in part to a weaker yen that benefited exporters, led to higher corporate tax payments.

It is the first time that Japan’s tax revenue has topped the 70 trillion ...