Japan's Diet enacts record 106.61 tril. yen budget for FY 2021

Japan's Diet enacted Friday a record 106.61 trillion yen ($976 billion) budget for fiscal 2021 to finance steps to mitigate the fallout from the coronavirus pandemic as well as rising social security and defense costs, once again forgoing fiscal consolidation.The House of Councillors passed the budget for the year starting on April 1, following its approval by the House of Representatives in early March. Both houses are controlled by the ruling coalition of the Liberal Democratic Party and Komeito.Formulating a record high initial budget for the ninth straight year means Japan, the nation w…READ FULL ARTICLE