Japan's FY 2023 budget likely to hit another record of 114 tril. yen

Japan's state budget for fiscal 2023 will likely hit another record of around 114.3 trillion yen ($839 billion), with a roughly four-fold increase in spending on ammunition and long-range missiles set to lift defense outlays to their largest-ever level, sources familiar with the plan said Monday.The government is expecting to allocate 828.3 billion yen for ammunition-related spending, a sharp increase from around 200 billion yen in recent years, as part of Japan's drive to bolster its defense capabilities, the sources said.The overall defense budget, which includes costs related to the real…READ FULL ARTICLE