Japan Govt Submits Record 115.5-T.-Yen FY 2025 Budget

Tokyo, Jan. 24 (Jiji Press)--The Japanese government introduced Friday a fiscal 2025 budget bill featuring 115,541.5-billion-yen general-account expenditures, an all-time high recorded for the first time in two years.

The bill's passage without revision through the Diet, Japan's parliament, before the new fiscal year starts on April 1 is not warranted for the minority government of Prime Minister Shigeru Ishiba, as the ruling bloc has to win support from the opposition camp, critics said.

According to the initial budget proposal, made to the Diet on the first day of its regular session this year, the government's spending from the general account will top 110 trillion yen for three years in row.

The record-breaking spending expansion is attributable to social security costs, which account for one-third of the total expenditures, rising to a record 38,277.8 billion yen and defense outlays climbing to 8,669.1 billion yen, also the highest on record. Debt-servicing costs are estimated to rewrite an all-time high, at 28,217.9 billion yen, with Japan returning to the "world with interest."

On the revenue side, tax income is expected to hit a record 78,440 billion yen, reflecting strong corporate earnings backed by the yen's weakening and higher prices.

[Copyright The Jiji Press, Ltd.]