Source: Japan ministries seek record $930 billion budget for fiscal 2019 - Reuters

Reuters cited a Japanese government official with the direct knowledge of the matter, noting that the budget requests from Japan’s government offices have hit a record $930 billion for the next fiscal year starting in April.

Key Highlights:

“The spending requests increased sharply due to bulging welfare costs to support the aging population and rising military outlay in the face of threats from North Korea and China.

The requests totaled 102.7658 trillion yen ($930.43 billion), topping 100 trillion yen for the fifth straight year

The initial budget for the current fiscal year amounts to 97.71 trillion yen, with social security and debt-servicing accounting for more than half the overall spending plan.“