Japan Diet
Japan approves record budget summary by Zahid Hussain http://www.thenewsarena.com/
Tokyo (CNN) — The Japanese government on Friday accepted a record budget draft for the next fiscal year aimed at boosting economic increase and growing jobs
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The 92.4 trillion yen ($1.11 trillion) budget breeze is the nation’s largest ever.
“We managed to provide the budget for necessary projects while walking on the tightrope of balance among economic growth and fiscal discipline,” Finance Minister Yoshihiko Noda said at a news conference.
The government plans to spend 70.8 trillion yen ($853 billion) for universal policy delivery. About 21.5 trillion yen ($259 billion), virtually a quarter of the budget, is to be spent on repaying the national debt.
Other major spending includes child payment and farming incentives.
The welfare cost for the world’s fastest-graying country and the result of the national debt payment are the major headaches for Japan’s financial health, which is the worst among major developed nations.
Prime Minister Naoto Kan managed to bring down the new bond issuance slightly to 44.2 trillion yen ($530 billion), but allowed tax income to exceed it for the second consecutive year.
The defense budget edged down by 0.3% from the previous year to 4.77 trillion yen ($57 billion). The decline was moderately small compared with other areas. Japan says it’s intensification its defense focus on the southern part of the country, where it faces intensifying security challenges from its Asian neighbors, including North Korea.
The government plans to expend 186 billion yen ($2.2 billion) to host U.S. forces in Japan.
Cabinet officials will put forward the budget draft to the Diet, or Japanese Parliament, in January.
The prime minister faces an uphill battle to get it accepted as opposition parties hold the majority in the upper house of the parliament
Japanese Prime Minister Naoto Kan has cut new bond issuance but has permitted tax revenue to exceed it again.
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