Japan's PM Ishiba to Approve Record 115.5 Trillion Yen Budget for Fiscal 2025, Aiming for 78.4 Trillion Yen in Tax Revenue

Dec 25, 2024, 02:55 AM

Japan's Prime Minister Ishiba has announced that the cabinet will approve the fiscal 2025 budget on December 27. The government is finalizing a general account budget amounting to approximately 115.5 trillion yen, marking the largest budget in history. This budget anticipates a record tax revenue of about 78.4 trillion yen, driven by economic recovery. However, to cover the shortfall, the government plans to issue new bonds totaling 28.6 trillion yen, a decrease from the previous year's planned issuance. The budget reflects increased spending on social security and defense, with the assumed long-term interest rate set at 2.0%, the highest in 13 years.