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Japan to unveil record $943 billion budget to ensure post-COVID recovery

by Mike Robinson

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© Reuters. FILEPHOTO: The Yurikamome Line, an autonomous, driverless train system that runs in Tokyo, Japan on April 21st, 2021, features a train with Tokyo’s skyline as the backdrop. Picture taken April 21, 2021. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters), – Japan’s government will announce on Friday the largest annual budget ever with $943 billion. Its fiscal year starts next April. Further straining industrial debts, a draft plan Reuters saw showed.

Prime Minister Fumio Kishhida’s government compiled the first ever annual budget. These included COVID-19 countermeasures. Social security spending for a growing population, and military outlays in order to confront threats from China.

Kishida faces a challenge to create “new capitalism” through a positive cycle of growth, wealth distribution, and restoring public finances that are already in crisis.

($1 = 114.1100 yen)

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