TOKYO (Reuters) – Japan’s annual budget requests for the next fiscal year hit $784 billion as an expected increase in military outlays added to already rising debt-servicing and welfare costs, the Ministry of Finance said on Monday, underscoring the country’s worsening fiscal health.
The ballooning spending request from ministries highlights the difficult balancing act Prime Minister Fumio Kishida faces in supporting a weak economy, while countering China’s growing military presence and reining in Japan’s huge public debt.
Spending requests made by ministries for next fiscal year’s budget totaled 110.0484 trillion yen, the ministry said.
($1 = 140.3500 yen)
(Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)
