TOKYO - Japan's Cabinet on Friday approved a record 122.31 trillion yen ($783 billion) draft initial budget for fiscal 2026, reflecting Prime Minister Sanae Takaichi's expansionary fiscal stance to spur growth and boost defense spending, despite concerns over public finances.
The general-account budget plan is a record high for the second straight year, exceeding the initial 115.20 trillion yen budget for fiscal 2025, as rising prices are pushing up personnel and other fixed costs, and the aging population is inflating welfare expenditure.
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