Japan eyes over $735B initial budget for fiscal year 2025

Japan's initial budget for fiscal 2025 is likely to total more than 113 trillion yen ($735 billion) as spending on social security and national defense continues to rise, sources close to the matter said Wednesday, Report informs via Kyodo.

The annual budget, the first for Prime Minister Shigeru Ishiba's government, could surpass the record 114.38 trillion yen ($742.8 billion) package compiled in fiscal 2023, sources said. It exceeds the 112.57 trillion yen ($731 billion) allocated for the current year, which marked the first decrease in spending in more than a decade.