Jiji Press

12:08 JST, December 27, 2024

Tokyo (Jiji Press)—The Japanese government Friday adopted a fiscal 2025 state budget plan with record general-account spending of ¥115,541.5 billion , reflecting surges in social security, defense and debt-servicing costs.

The spending amount exceeded ¥110 trillion 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 government plans to submit the fiscal 2025 draft budget 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.