Japan's Cabinet Approves Record US$730B Budget for 2025

TaiwanPlus News

Japan's Cabinet has approved a budget for fiscal year 2025 totaling a record US$730 billion, including US$55 billion in defense spending. Despite the record spending, the government is optimistic of seeing significant reduction in new debt.

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00:00Japan's cabinet has approved a record budget for its next fiscal year, increasing spending

00:06by 2.6 percent over the current year.

00:10Government debt servicing and social security costs are the main drivers of the proposed

00:14730 billion U.S. dollar budget.

00:18Defense spending would also increase by over 9 percent from the current year to 55 billion

00:24U.S. dollars.

00:25Despite a high level of debt, record high tax revenues would allow Tokyo to issue the

00:31fewest bonds in 17 years.

00:33The budget may face hurdles in the legislature where it would need support from opposition

00:38parties to pass.

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