Japan Parliament OKs FY 2019 Budget of over 100 T. Yen
Tokyo, March 27 (Jiji Press)--Japan's parliament enacted the government's fiscal 2019 initial budget on Wednesday, including a 2,028-billion-yen stimulus package, amid growing uncertainties over the global economy.
In the initial budget, general-account spending totaled 101,457.1 billion yen, topping the 100-trillion-yen mark for the first time ever while rewriting the record high for the seventh consecutive year.
"We'll do all we can for the early implementation of the budget," Prime Minister Shinzo Abe told reporters. "We're resolved to make full efforts in economic policy management as uncertainties are growing over the world economy."
The swollen budget mainly reflects increasing social security expenditures against the backdrop of the aging population, as well as the costs of the stimulus package.
The budget also includes defense spending totaling a record 5,257.4 billion yen, including on the deployment of Aegis Ashore land-based missile interceptor systems.
[Copyright The Jiji Press, Ltd.]