TOKYO (Reuters) – Budget requests from Japan’s ministries have hit a record 105 trillion yen ($996.30 billion) for the next fiscal year starting in April, the finance ministry said on Thursday.
The general-account spending requests for fiscal 2020 exceed the previous high of 102.8 trillion yen sought for the current fiscal year.
The rise was due to bulging welfare costs to support the aging population, spending to service debt, and rising military outlays in response to China’s growing military presence and North Korea’s missile program.
The finance ministry will examine the requests and finalize the size of spending in December when it drafts the budget for fiscal 2020.
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