Source: Japan ministries seek record $930 billion budget for fiscal 2019 - Reuters

Dhwani Mehta FXStreet

Reuters cited a Japanese government official with the direct knowledge of the matter, noting that the budget requests from Japan’s government offices have hit a record $930 billion for the next fiscal year starting in April.

Key Highlights:

“The spending requests increased sharply due to bulging welfare costs to support the aging population and rising military outlay in the face of threats from North Korea and China.

The requests totaled 102.7658 trillion yen ($930.43 billion), topping 100 trillion yen for the fifth straight year

The initial budget for the current fiscal year amounts to 97.71 trillion yen, with social security and debt-servicing accounting for more than half the overall spending plan.“

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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