Japan FY 2022 Budget Requests Hit Record 111.65 T. Yen

Politics

Tokyo, Sept. 7 (Jiji Press)--General-account budget requests from Japanese government agencies and ministries for fiscal 2022 starting next April have reached a record 111,655.9 billion yen, the Ministry of Finance said Tuesday.

Social security spending is set to grow due to the rapid aging of society while debt-servicing costs will balloon as the issuance of Japanese government bonds has risen to eke out funds for novel coronavirus measures.

The request amount has not been specified for some items at the moment, meaning that government spending could grow further as the sums to be allocated for these areas will be determined in the work to draw up the fiscal 2022 budget later this year.

The total general-account budget request exceeded 100 trillion yen for the eighth consecutive year and hit a record high for the fourth straight year.

The Ministry of Health, Labor and Welfare demanded the largest amount, at 33,945 billion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press