Japan approved a record draft budget of 114.38 trillion yen ($865 billion) for the next fiscal year Friday, with defense spending hitting a record high under Tokyo's latest plan to bolster defense capabilities and social security costs continuing to rise.The general account fiscal 2023 budget topped 100 trillion yen for the fifth straight year. Despite an estimated record tax revenue of 69.4 trillion yen, it is still insufficient to fund ballooning spending, prompting the government to turn to bond issuance.With debt more than twice the size of its economy, Japan's fiscal health is the wors…READ FULL ARTICLE
