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Japan’s FY 2019 budget request to top 100 tril. yen

  • July 10, 2018
  • , Kyodo News , 10:10 a.m.
  • English Press

TOKYO — Japan’s Cabinet on Tuesday approved guidelines for government ministries when putting in their requests for the fiscal 2019 budget, allowing for additional spending on social security that is expected to take overall requests above 100 trillion yen ($901 billion) for the fifth consecutive year.

 

The guidelines set an upper limit of 600 billion yen on requests for more expenditures on social security such as pensions and health care coverage, deemed necessary for the country’s fast-graying population.

 

It also allotted more than 4 trillion yen to programs aimed at fostering economic growth, such as those that may help increase productivity and human resource development, one of Prime Minister Shinzo Abe’s centerpiece policies.

 

On top of that, Abe is looking to implement “extraordinary” fiscal measures to counteract the negative effects on domestic demand of an increase in the nationwide consumption tax next year, meaning the year through March 2020 is likely to see the largest ever government budget when it is expected to be formed in December.

 

The largest budget so far, for fiscal 2018, was 97.71 trillion yen.

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