Japan’s parliament approves $750B budget bill

The Budget Commission of the Lower House of the Japanese Diet has approved the government’s proposed budget for fiscal year 2024 (beginning April 1) with expenditures of 112.57 trillion yen (about $750 billion), Report informs referring to TASS.

The size of the expenditure side of the budget has been reduced for the first time in 12 years, however, despite this, it is still second in volume only to the record budget of 2023. The 2024 project provides for an increase in defense spending to about 7.94 trillion yen ($53.8 billion), which is about 16.5% more than the same item in the outgoing fiscal year.

According to the Japanese Constitution, the law will take effect within 30 days, regardless of the outcome of the vote in the upper house, where it will be introduced after approval in the lower house.