Gist of Japan’s FY 2024 draft budget

Politics Economy

The following is the gist of Japan’s 112.07 trillion yen ($787 billion) draft budget for fiscal 2024 approved by Prime Minister Fumio Kishida’s Cabinet on Friday.

The government:

-- allocates record 37.72 trillion yen for social security costs.

-- earmarks record 7.95 trillion yen in defense spending.

-- sets aside record 27.01 trillion yen for debt servicing based on higher interest rates.

-- estimates record tax revenue of 69.61 trillion yen.

-- plans to issue 34.95 trillion yen worth of government bonds.

Kyodo News

Kyodo News