The government's draft budget for fiscal 2024, currently under deliberation in parliament, features general-account spending of ¥112.57 trillion ($746 billion) — the second-highest figure on record.
Following the devastating magnitude 7.6 earthquake that struck the Noto Peninsula in central Japan and surrounding areas on New Year's Day, the government modified the draft budget that had been adopted late last year. Notably, the reserve fund — which can be tapped without parliamentary approval — was increased significantly. The revised draft budget was adopted on Jan. 16.
Financial support is essential for the recovery and reconstruction of areas that have suffered heavy damage in the quake. Still, the government's attempts to restore the nation's inflated national budget to a normal state have been hindered.