Japan Govt Budget Likely to Total 107.6 T. Yen in FY 2022

Tokyo, Dec. 23 (Jiji Press)--The Japanese government plans to draw up a budget draft with record general-account expenditures of some 107.6 trillion yen for fiscal 2022, which starts next April, informed sources have said.

The spending scale will hit a record high for 10 years in a row, growing by about 1 trillion yen from the fiscal 2021 initial budget level and surpassing 100 trillion yen for the fourth straight year, the sources said.

The growth chiefly reflects a rise in social security costs stemming from the aging of the country’s population and ballooning expenditures for novel coronavirus measures.

To make up for a revenue shortfall, the government plans to newly issue bonds worth 36.93 trillion yen, the sources said.

The government plans to adopt the budget proposal at a cabinet meeting Friday, after discussing it at a meeting with the ruling parties Thursday.

[Copyright The Jiji Press, Ltd.]