• Kyodo

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The total value of general-account budget requests by government ministries and agencies for fiscal 2022 has hit a record of over ¥111 trillion ($1 trillion) as debt-servicing costs are expected to balloon amid the COVID-19 pandemic, a Kyodo News tally found Tuesday.

The calculated figure for the year starting April topped ¥110 trillion for the first time and exceeded ¥100 trillion for the eighth year in a row. It was also pushed up by record-high social security spending on the nation’s rapidly graying population, and rising defense costs to meet security challenges posed by China.

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