Japan General-Account Spending to Hit Another Record

Politics

Tokyo, Dec. 19 (Jiji Press)--The Japanese government is considering raising its general-account spending above 114 trillion yen in fiscal 2023, which starts next April, a record high for the 11th straight year, sources familiar with the matter said Monday.

The amount will be substantially higher than 107,596.4 billion yen in the fiscal 2022 initial budget and surpass 100 trillion yen for the fifth consecutive year.

The increase reflects a plan to set aside a record high of some 6.8 trillion yen in defense spending as the government seeks to boost the country's defenses.

Social security costs are also expected to hit a record high due to the aging population, with an increase of hundreds of billions of yen from 36,273.5 billion yen in fiscal 2022.

The government is expected to adopt its fiscal 2023 budget plan as early as Friday.

[Copyright The Jiji Press, Ltd.]

Jiji Press