Japanese Government Plans Record 115 Trillion Yen Budget for Next Fiscal Year

According to reports, the Japanese government is finalizing preparations for a record general account budget of 115 trillion yen (732 billion dollars) for the fiscal year starting April 1.

As per public broadcaster NHK, the initial budget is likely to exceed 110 trillion yen for the third consecutive year, reaching record levels surpassing last year's and 2023 figures.

In September, the government requested a record budget amid the Bank of Japan's shift away from its decade-long stimulus program. The Ministry of Finance indicated that the assumed interest rate for the year beginning in April would rise to 2.1% from the current year's 1.9%, which will increase debt servicing costs for interest payments and debt repayments.