(Update) Japan FY 2025 Budget Requests Total Record 117 T. Yen
Tokyo, Sept. 4 (Jiji Press)--General-account budget requests submitted by Japanese government ministries and agencies for fiscal 2025 totaled 117,605.9 billion yen, up from 114,385.2 billion yen sought for fiscal 2024 and hitting a record high for the second straight year, 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 as the country faces pressing issues, including growing geopolitical risks, its aging population and rising interest rates.
The Liberal Democratic Party-led ruling coalition may push the government to spend more after the party elects on Sept. 27 a new leader who is almost certain to become prime minister. The new LDP leader may opt to dissolve the House of Representatives for a general election.
At the same time, there are persistent calls for the government to strictly assess the requests when it drafts its fiscal 2025 budget later this year.
The requests include 4,158.5 billion yen under a special spending quota for key policies. Meanwhile, the total amount does not reflect requests without specified amounts, such as those for measures to tackle inflation and promote wage increases.
(2024/09/04-19:44)
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NATION
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