Japan FY 2025 Budget Requests Total Record 117 T. Yen
Tokyo, Sept. 4 (Jiji Press)--Japanese government agencies' general-account budget requests for fiscal 2025 totaled a record 117,605.9 billion yen, the Finance Ministry said Wednesday.
The amount requested for the year starting next April topped 110 trillion yen for the fourth consecutive year, due to higher costs for defense, social security and interest payments on government securities. This reflects the myriad of pressing issues the country faces, such as growing geopolitical risk, the aging population and rising interest rates.
Japan's Liberal Democratic Party-led ruling bloc may add pressure to spend more after the party elects on Sept. 27 a new president who is almost certain to become prime minister. The new leader may opt to dissolve the lower chamber of parliament for a general election.
Calls are mounting for the Finance Ministry to strictly assess the requests as it drafts its fiscal 2025 regular budget toward year-end.
(2024/09/04-17:03)
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