Japan parliament approves supplementary budget for current fiscal year
The additional funding is part of Prime Minister Sanae Takaichi’s expansionary stimulus measures, marking the largest supplementary package since fiscal 2022 during the COVID-19 pandemic, according to reports.
Japan’s original budget for the fiscal year, which runs from April to March, was $745.6 billion.
Of the new allocation, $57 billion is designated for household relief, including electricity and gas subsidies for the first three months of next year, cash handouts for families with children, and financial support for local governments.
Around $41 billion will be directed toward investment aimed at crisis management and economic growth.
An extra $10 billion has been set aside for security and diplomacy, bringing Japan’s defense-related spending up to its fiscal 2025 target of 2% of GDP, achieving this goal two years ahead of schedule.
The budget faced criticism from opposition lawmakers, who raised concerns about Japan’s already strained fiscal consolidation efforts.
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