Japan Passes Budget Including Defense Spending... Largest for 10 Consecutive Years

Japanese House of Councillors
Photo by Yonhap News

[Asia Economy Reporter Kim Daehyun] The Japanese government has passed the largest budget ever compiled for the 2022 fiscal year (April 2022 to March 2023).

According to local media including Kyodo News on the 22nd, the general account budget totaling 107.5964 trillion yen (approximately 1121 trillion won) passed the House of Representatives (lower house) and was sent to the House of Councillors (upper house) on the same day. The House of Councillors will review the budget starting from the 24th.

The ruling Liberal Democratic Party, coalition partner Komeito, and opposition Democratic Party for the People all supported the budget, leading to its approval in the House of Representatives plenary session. It is unusual for the opposition to support a government-submitted budget.

The 2022 fiscal year budget is the largest ever, increasing by 0.9% compared to the previous year. This marks the 10th consecutive year that Japan's general account budget has reached a record high.

Social security expenses, including pensions and health insurance due to ongoing aging, reached a record high of 36.2735 trillion yen. Defense spending also increased by 1.1% from the previous year to 5.4005 trillion yen (approximately 56.17 trillion won), also a record high. A reserve fund of 5 trillion yen was included to prepare for a resurgence of COVID-19 infections.

This content was produced with the assistance of AI translation services.