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Japan approves USD730B draft budget for 2025
(MENAFN) Japan's government approved a draft budget of 115.5 trillion yen (USD730 billion) for fiscal year 2025 on Friday, which is now set to be presented to parliament.
The budget, which exceeds the previous record of 114.38 trillion yen set in 2023, reflects rising social security and defense spending, sparking concerns about the country’s fiscal health.
Given Japan’s aging population and low birth rate, approximately one-third of the budget, or 38.28 trillion yen, will be allocated to social security.
The budget bill will be submitted to parliament for review starting in January.
Prime Minister Isiba Shigeru expressed hopes for a swift approval, stating that thorough explanations will be provided to create an atmosphere conducive to support from opposition parties.
The budget, which exceeds the previous record of 114.38 trillion yen set in 2023, reflects rising social security and defense spending, sparking concerns about the country’s fiscal health.
Given Japan’s aging population and low birth rate, approximately one-third of the budget, or 38.28 trillion yen, will be allocated to social security.
The budget bill will be submitted to parliament for review starting in January.
Prime Minister Isiba Shigeru expressed hopes for a swift approval, stating that thorough explanations will be provided to create an atmosphere conducive to support from opposition parties.
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