The budget reached the record high level for the upcoming fiscal year due to snowballing social security spending to support Japan's rapidly ageing population as well as record defence spending to counter threats from North Korea and China.
TOKYO: Japan's record 106.6 trillion yen ($975.83 billion) budget for the upcoming fiscal year was approved by parliament on Friday, raising speculation of still more spending in response to the coronavirus pandemic.
The budget for the year beginning April 1 features 5 trillion yen in emergency spending related to the pandemic. That follows three COVID-19 packages worth a combined $3 trillion already rolled out in the current fiscal year.
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