Japan FY 2023 Budget Requests to Reach around 110 T. Yen

Politics

Tokyo, Aug. 23 (Jiji Press)--General-account budget requests from Japanese government ministries and agencies for fiscal 2023 are expected to reach around 110 trillion yen, it was learned Tuesday.

The expected large total reflects growing debt-serving costs due to measures to deal with the novel coronavirus pandemic, as well as a rise in social security spending attributable to the aging of society. Defense spending is also expected to hit a record high.

As unspecified amounts of funds are set to be sought for some items in the budget requests, the total could balloon further by the time the government finalizes its fiscal 2023 budget late this year.

The Ministry of Finance will accept budget requests until the end of this month and then start full-fledged work on drafting the fiscal 2023 budget.

For fiscal 2022, the government's initial budget totaled 107,596.4 billion yen, marking a record high for the 10th straight year amid the prolonged pandemic. It seems possible that the fiscal 2023 initial budget will renew the record again.

[Copyright The Jiji Press, Ltd.]

Jiji Press