Japan's Cabinet approved Friday a 107.60 trillion yen ($940 billion) draft budget for fiscal 2022, the largest ever, to finance measures against the coronavirus pandemic, swelling social security costs and record defense spending.Compared to fiscal 2021's initial 106.61 trillion yen, the budget for the new fiscal year starting in April will be a record high for the 10th year in a row.The largest policy spending component is social security, growing by around 440 billion yen to a record 36.27 trillion yen and accounting for more than a third of the overall budget, as the aging population con…READ FULL ARTICLE
