(Update) Japan Govt Adopts Record 115.5-T.-Yen Draft Budget for FY '25

   Tokyo, Dec. 27 (Jiji Press)--The Japanese government Friday adopted a fiscal 2025 state budget plan with record general-account spending of 115,541.5 billion yen, reflecting surges in social security, defense and debt-servicing costs.
   The spending amount exceeded 110 trillion yen for the third straight year. This is the first initial budget plan compiled by the administration of Prime Minister Shigeru Ishiba, who took office in October.
   The fiscal 2025 draft budget, adopted at the day's extraordinary cabinet meeting, will be submitted to next year's regular session of the Diet, the country's parliament, expected to be convened in late January.
   With no clear prospects for Ishiba's minority government to have the budget bill enacted before the current fiscal year ends in March next year, it may be forced to increase the spending amount through talks between ruling and opposition parties.
   Social security costs, which account for around 30 pct of the total spending, are set at a record 38,277.8 billion yen.

(2024/12/27-12:32)

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