Japanese government proposes record budget spending over year ahead Japanese government proposes record budget spending over year ahead

Japanese government proposes record budget spending over year ahead
01 Feb 2018

The Japanese government has submitted a budget plan for fiscal 2018, which includes a record ¥97.71 trillion (US$898 billion) in general account expenditure.

The plan also includes measures aimed at boosting workers’ development and productivity, both key policy initiatives for Prime Minister Shinzo Abe. The government aims to pass it before April 1, according to the Japan Times.

The government has also submitted a ¥2.71 trillion (US$24 billion) supplementary budget proposal to the Diet. The extra money would go partly to pay for reconstruction in areas devastated by heavy rain and partly to support farmers who will be affected by the new economic partnership agreement between Japan and the European Union.

The proposed fiscal 2018 budget includes ¥58.90 trillion (US$541 billion) in general spending for policy measures, up 0.9% from the initial figure for 2017. Expenditure on social security services such as medical and nursing care will rise by 1.5% to ¥32.97 trillion (US$303 billion) due to the aging population.

The plan projects that tax revenue in fiscal 2018 will rise 2.4% to ¥59.08 trillion (US$544 billion), the highest level in 27 years, due mainly to more money coming into government coffers from income tax.

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

The Japanese government has submitted a budget plan for fiscal 2018, which includes a record ¥97.71 trillion (US$898 billion) in general account expenditure.

The plan also includes measures aimed at boosting workers’ development and productivity, both key policy initiatives for Prime Minister Shinzo Abe. The government aims to pass it before April 1, according to the Japan Times.

The government has also submitted a ¥2.71 trillion (US$24 billion) supplementary budget proposal to the Diet. The extra money would go partly to pay for reconstruction in areas devastated by heavy rain and partly to support farmers who will be affected by the new economic partnership agreement between Japan and the European Union.

The proposed fiscal 2018 budget includes ¥58.90 trillion (US$541 billion) in general spending for policy measures, up 0.9% from the initial figure for 2017. Expenditure on social security services such as medical and nursing care will rise by 1.5% to ¥32.97 trillion (US$303 billion) due to the aging population.

The plan projects that tax revenue in fiscal 2018 will rise 2.4% to ¥59.08 trillion (US$544 billion), the highest level in 27 years, due mainly to more money coming into government coffers from income tax.

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

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