The Cabinet of Prime Minister Shinzo Abe on Friday approved a record-high ¥101.46 trillion draft budget for fiscal 2019, topping ¥100 trillion for the first time amid swelling social security and defense expenses, meaning Japan remains far from consolidating its battered fiscal health despite increasing tax revenue.
The spending plan also includes funding for measures to bolster the economy against an upcoming consumption tax hike.
The draft of the initial budget for the general account, which will be submitted to the Diet in January, consists of a record-high ¥77.95 trillion for policy spending and ¥23.51 trillion in debt-servicing costs.